Time Warner Cable heir apparent Rob Marcus will get a fatter
paycheck to go along with his new roles as chairman and CEO of the nation's
second largest cable company, inking a three-year employment deal that
will bring him about $16 million in its first year, according to documents
filed with the Securities and Exchange Commission Monday.
Marcus, who currently serves as president and chief
operating officer of the cable giant, will become chairman and CEO on Jan. 1,
Glenn Britt who is retiring on Dec. 31 after 12 years at the helm.
According to documents filed with the SEC on July 29,
agreement takes effect on Jan. 1, 2014 and expires on Dec. 31, 2016.
He will receive an annual salary of $1.5 million (up from the $1 million he
currently makes), is eligible for a $5 million annual bonus (up from $3
million) and will receive up to $7.5 million annually in long-term incentive
compensation. In addition, Marcus will receive a $2 million long-term incentive