Time Warner Cable chairman and CEO Glenn Britt will retire at year end, replaced by current chief operating officer Rob Marcus, the company said Thursday.
In addition, Marcus was elected to the Company’s Board of Directors, effective immediately.
“Glenn has been an outstanding leader, transforming Time Warner Cable into an entertainment, communications and information powerhouse. He is a true visionary in the development and use of cutting-edge technology,” said N.J. Nicholas, Jr., lead director of Time Warner Cable’s Board in a statement. “The Board is confident that Rob is the right person to lead the company into the future. He has the vision, financial prowess, operating acumen and unrelenting drive that make him the ideal CEO. The Board is also very pleased that Glenn will remain Chairman and CEO through 2013 as part of our thoughtful and seamless transition process.”
“I have had the privilege of being in this industry for more than 40 years and witnessing first-hand the most momentous evolution in communications technology ever experienced – we have truly been at the forefront of changing the way the world communicates,” Britt said in a statement. “I’m proud that we’ve built a great company by understanding consumer trends and changing technology and working to put the two together to develop products and services people want. I’m proud that we have returned significant value to our shareholders. And I’m most proud of the 52,000 TWC employees who come to work every day focused on meeting our customers’ needs. I admire their dedication, and it’s been a true pleasure to be their colleague for the past four decades.
“I love this business, but I’m ready to retire knowing Rob is ready to lead,” Britt added. “I have worked with Rob for more than 20 years in his various roles, and worked side by side with him for nearly eight years as a member of the TWC senior management team. He is an accomplished executive, a strong strategic decision maker, and has a deep understanding of our company, our industry and what it will take to lead TWC into the future.”
Marcus added: “I am honored to succeed Glenn when he retires at the end of the year. Time Warner Cable is a great company, and I have tremendous respect for the commitment, intellect and inspirational vision with which Glenn has led us. Our competitively advantaged network, talented employees, robust customer base and strong tradition of innovation position us to build on the successes of Glenn's tenure. I look forward to leading our Company into a new era of world-class products, outstanding customer service and continued growth."
The National Cable & Telecommunications Association released a statement from CEO Michael Powell: "Glenn Britt has been one of the cable industry’s visionary leaders for many years and his impact on the industry will be felt for decades to come. Glenn has not only impressively led Time Warner Cable during a period of exciting innovation and significant change in the cable industry, but his leadership has also had an important impact on NCTA, CableLabs and other industry organizations. Glenn has always served with dignity and grace and he deserves the industry’s praise during the remaining months of his tenure. We wish him all the best as he looks towards retirement.”
Britt, 64, became TWC Chief Executive Officer in 2001. During his tenure, TWC has been a leader in technological innovation with the introduction of high-speed Internet, Video on Demand and Voice over IP. The company has received eight technical Emmy Awards for its innovations. Britt oversaw TWC’s emergence as a publicly traded company, and he’s grown it from a $6 billion operating division into a $21 billion national, high-profile business in a highly competitive industry.
Marcus, 48, joined Time Warner Inc. in 1998 and moved to TWC in 2005. He was named chief financial officer in 2008. He worked side by side with Britt during TWC’s 2009 spin-off from Time Warner Inc. Since that time, TWC’s stock price has risen 360%, outperforming all the major indexes and the industry as a whole, the company noted.
Marcus also led TWC’s acquisitions of Adelphia, NaviSite and Insight to expand TWC’s footprint and services. Under his financial leadership, TWC established a disciplined capital allocation strategy that was emulated by many other leading S&P 500 companies, again noted by the company. Marcus was named president and chief operating officer in 2010, and oversees the company’s operations, including Residential Services, serving more than 14.7 million customers; Business Services, serving more than 579,000 small, medium and enterprise sized businesses; Media Services, the advertising arm of TWC; and Technology and Network Operations.