Faced with an increasingly ugly retransmission dispute with Sinclair Broadcast Group (Nasdaq: SBGI), an eroding basic video subscriber base and the uncertainty of what cable television will look like after top MSO Comcast (Nasdaq: CMCSA) acquires NBC Universal, number two cable operator Time Warner Cable (NYSE: TWC-WI) has shaken up its top management. Chief Financial Officer Robert Marcus has added the titles of president-COO, replacing COO Landel Hobbs, who unexpectedly resigned.
Marcus' appointment was effective so immediately that he will also continue in his role as CFO. He will report to Glenn Britt, chairman and CEO, who, in a news release, called out Marcus' "intelligence, strategic insight and clear understanding of consumers." Hobbs, who Britt also hailed for his "leadership in operations and marketing" held the COO position since 2005 and was most recently visible during the company's third quarter earnings call.
Perhaps tellingly, Marcus, who joined Time Warner Cable in 2005, has been responsible for mergers and acquisitions, business affairs, programming and human resources and became CFO in 2008. In a previous life with Time Warner Inc., he held various positions including (wait for it) senior vice president of mergers and acquisitions.
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