A CHANGE AT THE TOP: Glenn Britt to retire as Time Warner Cable chairman and CEO
New boss Robert Marcus, who led TWC's acquisitions of Adelphia and Insight, to take over Jan. 1
Glenn Britt, Time Warner Cable’s chairman and CEO, announced Thursday that he will retire at the end of 2013. The cable giant's board of directors, at their regularly scheduled meeting, elected Robert Marcus, currently the company’s president and COO, to succeed Britt, who will remain on the board in a non-executive role.
Marcus, who will assume his new duties Jan. 1, 2014, was elected to the Company’s Board of Directors, effective immediately.
“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. “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 am honored to succeed Glenn when he retires at the end of the year," Marcus said. "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."
Marcus, 48, joined Time Warner Inc. in 1998 and moved to TWC in 2005. He was named CFO in 2008 and worked side by side with Britt during TWC’s 2009 spin-off from Time Warner Inc.
The company's new boss also led TWC’s successful 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.
Marcus was named president and COO 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.