NEW YORK (Reuters) - Time Warner Cable Inc has extended the employment contract of Chief Executive Glenn Britt by one year to December 2013, according to a regulatory filing.
Britt, who has been the company’s top executive since 2001, will receive annual long-term incentive compensation with a target value of $8.5 million starting in 2012. In 2010, he earned $17.4 million in total compensation, including bonuses and stock awards.
Last December, Britt, 62, promoted former Chief Financial Officer Rob Marcus to president and chief operating officer, a move that put him forward as a likely successor to Britt.
Irene Esteves replaced Marcus as CFO on July 15. She received a three-year contract that will provide total annual compensation of up to $5 million, according to the filing.
“In today’s environment with technology changing the delivery mechanisms in the pay-TV industry, it’s good news for shareholders to have a CEO who has seen product extensions and economic cycles remain at the company,” said Thomas Eagan analyst Collins Stewart.
Shares of the No. 2 U.S. cable company have fallen 11 percent since July 28, when its second-quarter financial report showed it lost more subscribers than expected as it contended with increasing competition and a weak economy.
While larger rival Comcast Corp also lost video subscribers it managed to reduce the losses from a year ago.
Reporting by Yinka Adegoke; Editing by Lisa Von Ahn and Steve Orlofsky