Time Warner Cable (NYSE: TWC) Chairman and CEO Glenn Britt received a healthy pay increase in 2012. According to a company filing, Britt was paid $17.4 million in 2012, up from $16.4 million in 2011.
Britt's annual salary was $1.25 million, according to the filing. His non-equity incentive plan compensation was $6.6 million, down from $7.2 million in 2011. However, Britt's stock awards increased from $3.2 million to $3.7 million, and option awards increased to $5.2 million from $4.2 million.
The company also said it has amended Britt's employment agreement and extended it for one year, through Dec. 31, 2013. The Wall Street Journal reported in February that Britt will step down from his position when his contract expires at year end. However, Time Warner Cable officials declined to comment on the WSJ report. "If and when Glenn decides to step down, we will have an announcement," the company said in a prepared statement.
Another Time Warner Cable executive also fared well in 2012. According to the filing, President and COO Robert Marcus earned $10.1 million, up from $8.4 million the year prior. In addition, Michael LaJoie, CTO and executive VP, made $2.7 million, up from $2.6 million.
For more:
- see this Multichannel News report
- see this Hollywood Reporter article
How does Britt's pay compare to wireless executives' 2012 pay? See this special report
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