Charter Communications Inc. said in a statement on Friday that its Chief Executive Officer plans to leave the company to take a position at rival Comcast Corp.

Neil Smit, the former Charter’s CEO whose resignation is effective on February 28, will become president of Comcast Cable Communications, the statement said.

Smit joined Charter as CEO in 2005. Before serving at Charter, he was president of Time Warner Inc and recently led the company’s financial restructuring through Chapter 11 bankruptcy.

With the completion of our financial restructuring — and knowing we have a very strong leadership team in place — this is an excellent time for me to move on to a new opportunity in this dynamic industry, and to watch Charter continue to excel, Neil Smit said recently.

He will be replaced by Chief Operating Officer Mike Lovett while Charter searches for a permanent CEO, according to the statement.

Charter, the No. 4 cable operator, won approval of its bankruptcy plan in November and plans to relist on the Nasdaq this year.

It filed for Chapter 11 protection in March after being overwhelmed by more than $21 billion in debt.

Time Warner Comcast