Feb 1 Time Warner Cable's longtime Chief
Executive Glenn Britt will step down at the end of the year, the
Wall Street Journal reported on Friday, citing anonymous
A Time Warner Cable spokesman said in a statement that Britt
"is under contract and if and when he decides to step down,
we'll have an announcement."
The 63-year-old executive, who has been CEO since 2001,
could be replaced by Rob Marcus, the company's chief operating
officer and president, the newspaper said. Marcus was promoted
in 2010 and received a 38 percent increase in compensation in
2011 of $8.3 million. Britt received $16.4 million in
compensation in the same period, down 5.7 percent from a year
The news comes a day after the company issued a
weaker-than-expected earnings outlook, sending shares down more
than 10 percent.
Shares fell 0.2 percent to $89.15 on Friday.