News

Britt Bumped to $15.9 M

4/19/2010 12:01 AM Eastern

Time Warner Cable chairman and
CEO Glenn Britt received a 9.6% boost to his
total compensation in 2009, hauling in $15.9
million that was fueled almost entirely by
option awards, according to a proxy statement
filed with
the Securities
and Exchange
Commission.

According
to the proxy
statement, filed
April 12, Britt
received $1
million in salary
and stock
awards worth
$2.3 million
(down from $2.9
million in 2008).
Option awards
accounted for
the bulk of the
increase ($5.9
million vs. $4
million in 2008). The chairman and CEO received
total compensation of $14.5 million in 2008.

Time Warner Cable completed its full separation
from Time Warner Inc. in 2009, becoming
a pure-play cable stock.

Time Warner Cable’s stock price had the biggest
gain in the cable sector in 2009, nearly doubling,
ending the year at $41.39.

While options fueled an increase in the
chairman and CEO’s compensation, other executives
weren’t so fortunate. Senior executive
vice president and chief financial officer Robert
Marcus’s total compensation fell 8.3% to $4.4
million from $4.8 million in 2008, mainly due
to decreases in stock and option awards.

Chief operating officer Landel Hobbs’s total
compensation dropped 6.9%, to $6.8 million
from $7.3 million, due to decreases in option
awards and non-equity compensation. Executive
vice president and chief technology officer Mike LaJoie’s total compensation package
dipped 8%, to $2.3 million from $2.5 million.

Time Warner Cable was the last of the big
three publicly traded MSOs to file a proxy statement,
after Comcast and Cablevision. Compared
to his CEO peers, Britt’s increase landed
somewhere in the middle. Comcast chairman
and CEO Brian Roberts received a 3.8% pay increase
in 2009 to about $27.2 million and Cablevision
CEO James Dolan received a 36% pay
hike to $17.2 million in 2009.

September