Britt Takes 2011 Pay Cut - Broadcasting & Cable

Britt Takes 2011 Pay Cut

Time Warner Cable chief received $16.4 million in total 2011 compensation
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Time Warner Cable chairman and CEO Glenn Britt took a 6% pay cut in 2011, reeling in $16.4 million in total compensation, about $1 million less than he received in 2010.

According to a proxy statement filed with the Securities and Exchange Commission Tuesday, Britt received a base salary of $1.25 million, $3.2 million in stock awards and $4.2 million in option awards, all similar to payouts he received in 2010. The big difference was in non-equity incentive plan compensation, where Britt took a $1.1 million haircut, receiving $7.2 million in awards compared to the $8.3 million he received in 2010.

Britt's No. 2, chief operating officer Rob Marcus, received $8.4 million in total compensation in 2011, a 40% increase from the $6 million he received the year before. Marcus, who was named COO in December 2010,received a $1 million base salary, $1.9 million in stock awards, $2.5 million in option awards and $2.9 million in non-equity incentive plan compensation.

Other executives received less dramatic pay increases for the year, including EVP and chief technology officer Mike Lajoie ($2.6 million, 12% up from 2010); EVP and general counsel and secretary Marc Lawrence-Apfelbaum ($2.8 million, 10% up from 2010) and EVP and president of Time Warner Cable Ventures Carl Rossetti ($2.2 million, 2.5% up from 2010).

Chief financial officer Irene Esteves, who was hired in May 2011, received $5.9 million in total compensation, including a $366,667 base salary, an $820,000 bonus and $3.6 million in stock awards.

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