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.
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. Chief operating officer 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.
Former chief financial officer Irene Esteves, who resigned in May 2013, received total compensation of $4.3 million in 2013, down from about $5.5 million in 2012.
2013 was a tough year for Time Warner Cable – it lost about 304,000 video customers in the wake of a month-long retransmission consent dispute with CBS, weathered criticism for its pricy regional sports networks in Los Angeles and had to fight off unwanted takeover advances from Charter Communications beginning in June. Charter made an unsolicited offer for TWC in January – valuing the company at about $61 billion – which was promptly rejected.
In the wake of the Charter offer – which at times turned nasty – Comcast swooped in with its deal. That transaction is currently going through the regulatory approval process.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.