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Time Warner Cable CEO Britt to step down at end of year
July 25 |
July 25 (Reuters) - Time Warner Cable's longtime chief executive and chairman, Glenn Britt, will step down at the end of the year and will be replaced by Robert Marcus, the company's second in command.
The move was widely expected. Britt, 64, has been CEO since 2001. Marcus, 48, who started his career as a corporate attorney, was promoted to the role of chief operating officer and president in 2010. Marcus will become CEO and will join the company's board of directors as chairman starting Jan. 1.
The news comes as just as Time Warner Cable, the second largest U.S. cable provider behind Comcast, with 12 million customers, has become an acquisition target for veteran cable executive John Malone, chairman of Liberty Media.
Malone, whose media holding company has an investment in cable provider Charter Communications, made an offer for the company, but it was rejected because it was not viewed as beneficial to Time Warner Cable shareholders, Reuters has previously reported.
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