Marcus, Britt Pay Down Double-Digits in 2013
In a year characterized by constant takeover speculation and a month-long retransmission consent battle that forced the largest single video subscriber loss in its history, Time Warner Cable executives saw their total compensation packages dip significantly.
Former chairman and CEO Glenn Britt, who retired at the end of the year, saw his total compensation drop by about 18% in 2013 to $14.2 million from $17.4 million in the previous year. Former COO Robert Marcus, who assumed the chairman and CEO spot on Jan.1 and less than two months later agreed to sell the company to Comcast in a deal valued at about $45 billion in equity, saw his total compensation drop about 15% for the year to $8.5 million.
Reductions in stock option awards and non-equity incentive compensation was the main reason for the decline. Britt received about $3.5 million in option awards and $5.7 million in non-equity incentives in 2013, below the $5.2 million in options and $6.6 million in non-equity incentives. Marcus, who will receive an $80 million golden parachute if the Comcast deal is approved, received about $2.1 million in stock awards in 2013, down from the $3.6 million he received in 2012.
For the full story go to Multichannel.com.
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