Skip to main content

New Time Warner Cable CFO Inks Pay Deal

Newly minted Time Warner Cable chief financial officer Irene Esteves has signed an employment deal that will pay her about $9.8 million in salary, bonuses and one-time awards, according to documents filed with the Securities and Exchange Commission Thursday.
Time Warner Cable announced it had hired Esteves May 26. A long-time finance executive, Esteves comes from insurance giant XL Group.
According to the SEC filing, Esteves will receive an annual salary of $800,000, an annual discretionary cash bonus of up to $1.2 million and an annual long-term incentive compensation of $3 million, based on certain performance targets. Esteves also receives certain one-time awards, to compensate her for XL compensation she will forego: a $600,000 payment; cash payments of $220,000 to be paid in August 2011 and $240,000 to be paid in August 2012; and a special restricted stock unit grant valued at about $3.725 million.
Esteves will report to Time Warner Cable chairman and CEO Glenn Britt.