TWC Finds New CFO In Insurance Industry6/13/2011 12:01 AM Eastern
When Time Warner Cable chief financial
officer Rob Marcus was promoted to chief operating officer last December, he remained as interim CFO while the
country’s second-largest cable provider searched for a replacement.
On May 26, the company said it had found the right
person to replace him — and she doesn’t come with a media
or telecommunications background.
Time Warner Cable named former insurance and financial services executive Irene Esteves executive vice
president and chief financial officer. She will oversee all
of the company’s finance functions, including treasury,
accounting, financial planning and analysis, tax, mergers
and acquisitions, and investor relations.
She reports to Time Warner Cable chairman and CEO
Glenn Britt and will work closely with him, Marcus and
other members of the company’s senior management
team on key strategic matters. She will work from the
company’s New York City headquarters.
“Irene has proved her leadership and expertise in
all areas of finance and corporate
management in an impressive career
that has spanned 30 years and
some of the world’s largest and most
respected companies,” Britt said in
a statement. “I am delighted she is
joining Time Warner Cable and will
lead all facets of finance, as well as
relationships on Wall Street and
with operations leaders throughout
our company. I look forward to her
contributions as a critical member
of our senior management team.”
Esteves joins Time Warner Cable
directly from global insurance and reinsurance
company XL Group plc where she was executive vice
president and CFO. Prior to XL Group, she had served
as CFO of Regions Financial Corp. in Birmingham, Ala.,
from 2008 to 2010 and as CFO of Wachovia’s Capital Management
Group in Charlotte, N.C., from 2006 to 2008.
She previously held executive roles in functions including
domestic and global fi nance, human resources, and
corporate strategy with Putnam Investments in Boston
and Miller Brewing Co. in Milwaukee. She started her career
and worked for 13 years at S.C. Johnson & Son Inc.
(SC Johnson Wax) in Racine, Wisc., where she rose to
division controller of North American Home Care.
She earned a bachelor of business administration
from the University of Michigan and a master of business
administration from the J.L. Kellogg Graduate School of
Business at Northwestern University and previously
served on the boards of The Timberland Company, Diversey
Inc., and Mrs. Baird’s Bakeries Inc.
On June 2, TWC said in a filing at the Securities and
Exchange Commission that Esteves signed an employment
deal that will pay her about $9.8 million in salary,
bonuses and one-time awards.
According to the SEC fi ling, Esteves will receive an annual
salary of $800,000, an annual discretionary cash bonus
of up to $1.2 million and an annual long-term incentive
compensation of $3 million, based on certain performance
targets. She also receives certain one-time awards, to compensate
her for XL compensation she will forego: a $600,000
payment; cash payments of $220,000 to be paid in August
2011 and $240,000 to be paid in August 2012; and a special
restricted stock unit grant valued at about $3.725 million.
According to Forbes.com, her total compensation from
XL Group in 2010 was about $4.4 million.