Former Time Warner Cable chief operating officer Landel Hobbs, who resigned in December after about 15 years in various roles at the company, received a severance deal valued at almost $30 million, according to a proxy statement filed with the Securities and Exchange Commission Wednesday.
Hobbs left Time Warner Cable abruptly on Dec. 14 and was immediately replaced as COO by chief financial officer Rob Marcus. Time Warner didn't give a reason for Hobbs' departure at the time, but according to the proxy statement, the board of directors, in developing a succession plan, decided to let him go.
"Following the Board of Directors' determination on that date (Dec. 14), as part of its long-term succession planning strategy, that Mr. Marcus should assume responsibility for the company's operations, Mr. Hobbs's employment was terminated without cause," the proxy stated.
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