Time Warner Cable (NYSE: TWC) CEO Glenn Britt will step down after his contract expires at the end of the year, The Wall Street Journal reported Friday, citing an anonymous source.
Britt (Image source: TWC)
Britt, who joined Time Warner Cable predecessor Time Inc. in 1972, was named president of Time Warner Cable in 1999, and chief executive in 2001. Britt's last employment contract, signed in 2011, pays him a base salary of $1.25 million, and includes provisions that could see him earn an annual bonus of up to $17 million.
Since 2009, Britt has been pushing Time Warner Cable employees to embrace what he calls the "four anys"--delivering any content, any time, on any device, to subscribers in any place. That strategy has seen the nation's second largest cable MSO deliver subscription video programming on mobile devices such as Apple's (Nasdaq: AAPL) iPad and iPhone, and connected TV devices such as Microsoft's (Nasdaq: MSFT) Xbox 360 and Roku's over-the-top video set-tops.
Time Warner Cable reported Thursday that it lost 129,000 basic video subscribers during the fourth quarter, while it picked up 34,000 voice and 75,000 high-speed Internet customers. COO Rob Marcus, who could succeed Britt, told analysts that MSO would deploy a "souped up DVR" containing six tuners and 1 terabyte of storage during the second half of the year.
Time Warner Cable officials declined to comment on the WSJ report. "If and when Glenn decides to step down, we will have an announcement," the company said in a prepared statement.
Time Warner Cable extends Britt's contract through 2013
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