Glenn A. Britt, Time Warner Cable's Chairman and Chief Executive Officer,
announced today that he will retire at the end of 2013. The Time Warner Cable
Board of Directors, at today's regularly scheduled meeting, elected Robert D.
Marcus, currently the Company's President and Chief Operating Officer, to
succeed Britt as Chairman and CEO effective January 1, 2014. Mr. Britt will
remain on the Board in a non-executive role at that time.
In addition, Mr. Marcus was elected to the Company's Board of Directors,
effective immediately.
“Glenn has been an outstanding leader, transforming Time Warner Cable into an
entertainment, communications and information powerhouse. He is a true
visionary in the development and use of cutting-edge technology,” said N.J.
Nicholas, Jr., lead director of Time Warner Cable's Board. “The Board is
confident that Rob is the right person to lead the company into the future. He
has the vision, financial prowess, operating acumen and unrelenting drive that
make him the ideal CEO. The Board is also very pleased that Glenn will remain
Chairman and CEO through 2013 as part of our thoughtful and seamless
transition process.”
“I have had the privilege of being in this industry for more than 40 years and
witnessing first-hand the most momentous evolution in communications
technology ever experienced – we have truly been at the forefront of changing
the way the world communicates,” Mr. Britt said. “I'm proud that we've built a
great company by understanding consumer trends and changing technology and
working to put the two together to develop products and services people want.
I'm proud that we have returned significant value to our shareholders. And I'm
most proud of the 52,000 TWC employees who come to work every day focused on
meeting our customers' needs. I admire their dedication, and it's been a true
pleasure to be their colleague for the past four decades.
“I love this business, but I'm ready to retire knowing Rob is ready to lead,”
said Mr. Britt. “I have worked with Rob for more than 20 years in his various
roles, and worked side by side with him for nearly eight years as a member of
the TWC senior management team. He is an accomplished executive, a strong
strategic decision maker, and has a deep understanding of our company, our
industry and what it will take to lead TWC into the future.”
Mr. Marcus said, “I am honored to succeed Glenn when he retires at the end of
the year. Time Warner Cable is a great company, and I have tremendous respect
for the commitment, intellect and inspirational vision with which Glenn has
led us. Our competitively advantaged network, talented employees, robust
customer base and strong tradition of innovation position us to build on the
successes of Glenn's tenure. I look forward to leading our Company into a new
era of world-class products, outstanding customer service and continued
growth."
Mr. Britt, 64, became TWC Chief Executive Officer in 2001. During his tenure,
TWC has been a leader in technological innovation with the introduction of
high-speed Internet, Video on Demand and Voice over IP. The Company has
received eight technical Emmy Awards for its innovations. Mr. Britt oversaw
TWC's emergence as a publicly traded company, and he's grown it from a $6
billion operating division into a $21 billion national, high-profile business
in a highly competitive industry.
Mr. Marcus, 48, joined Time Warner Inc. in 1998 and moved to TWC in 2005. He
was named Chief Financial Officer in 2008. He worked side by side with Mr.
Britt during TWC's 2009 spin-off from Time Warner Inc. Since that time, TWC's
stock price has risen 360%, outperforming all the major indexes and the
industry as a whole. Mr. Marcus also led TWC's successful acquisitions of
Adelphia, NaviSite and Insight to expand TWC's footprint and services. Under
his financial leadership, TWC established a disciplined capital allocation
strategy that was emulated by many other leading S&P 500 companies. Mr. Marcus
was named President and Chief Operating Officer in 2010, and oversees the
company's operations, including Residential Services, serving more than 14.7
million customers; Business Services, serving more than 579,000 small, medium
and enterprise sized businesses; Media Services, the advertising arm of TWC;
and Technology and Network Operations.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsManagement
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in