New Time Warner Cable CFO Inks Pay Deal - Multichannel

New Time Warner Cable CFO Inks Pay Deal

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Newly minted Time Warner Cable chief financial officer Irene Esteves has signed an employment deal that will pay her about $9.8 million in salary, bonuses and one-time awards, according to documents filed with the Securities and Exchange Commission Thursday.
Time Warner Cable announced it had hired Esteves May 26. A long-time finance executive, Esteves comes from insurance giant XL Group.
According to the SEC filing, 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. Esteves 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.
Esteves will report to Time Warner Cable chairman and CEO Glenn Britt.

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