TWC Shows Minson the MoneyNew CFO To Receive Pay Package Valued at More than $5M 4/30/2013 9:34 AM Eastern
Newly named Time Warner Cable chief financial officer Arthur Minson signed a three-year employment deal that could pay him more than $5 million a year, according to documents filed with the Securities and Exchange Commission Tuesday.
TWC named Minson, the former chief operating officer and chief financial officer at AOL, its CFO effective May 2. He replaces outgoing finance chief Irene Esteves, whose last day at the company, according to the SEC documents, is May 1.
Minson’s employment deal will pay him through May 1, 2016. According to the agreement, he will receive an annual base salary of $900,000 and an annual bonus of up to $1.35 million. Minson also will receive long-term incentives valued at about $3.25 million. Minson also will receive a signing bonus worth nearly another $5 million, including a one-time equity grant of $2.17 million, a $500,000 cash payment and a special equity award of $2 million.
Minson’s appointment is a return to the fold for the seasoned executive – he served as senior vice president of finance and deputy CFO at TWC for about three years before leaving the company for AOL in 2009. He has also held senior finance positions at AMC Networks and Time Warner Inc. Minson began his career in the Audit Practice of Ernst & Young LLP, where he became a CPA.
Time Warner Cable declined to give a reason for Esteves’ abrupt departure, but people familiar with the situation said it was a decision made by the cable giant’s board of directors. According to her employment agreement, Esteves is eligible to receive a severance package valued up to $7.8 million.