Time Warner Cable CEO Marcus Paid $8.52 Million in 2013James Callan
Time Warner Cable Inc.’s Rob Marcus, who’d been chief executive officer for less than two months when he gave the green light to Comcast Corp.’s $45 billion takeover in February, was paid $8.52 million last year.
Marcus, 48, who was chief operating officer in 2013, received $1 million in salary, $4.69 million in stock and option awards and $2.73 million in non-equity incentive compensation, the New York-based company said in a filing today.
Marcus’s compensation last year is dwarfed by the golden-parachute payout he’s set to receive from the Comcast deal since becoming CEO in January: $79.9 million in cash, equity and benefits. The merger, which would combine the two largest U.S. cable companies to gain more leverage in negotiations with suppliers and TV-network programmers, awaits regulatory approval.
The Senate Judiciary Committee is examining the deal today, and may ask whether a bigger Comcast could harm smaller competitors. Philadelphia-based Comcast told regulators yesterday that it can offer advanced video services and spread high-speed Internet service without harming competition if it’s allowed to buy Time Warner Cable.
“I’m willing to look at hearings and examine the case more carefully than I have but I’ve seen a lot of mergers that have had a lot of promise and sometimes they have resulted in a lack of competition,” Senator John McCain, a Republican from Arizona, said today in an interview with Bloomberg Television.
Shares of Time Warner Cable rose 1.8 percent to $138.34 at the close in New York. Comcast, led by CEO Brian Roberts, advanced 1.9 percent to $49.79.
Glenn Britt, who retired as CEO of Time Warner Cable at the end of the year, received $14.2 million in compensation in 2013. Britt was paid $17.4 million in 2012, when he netted larger stock and option awards and a bigger non-equity incentive payout.
Chief Financial Officer Artie Minson, who joined the company in May 2013 from AOL Inc., was paid $5.49 million last year. He is set to receive a payout of $27.1 million after the deal.