TW Cable execs set to get $135M ‘golden parachute’
LOS ANGELES (AP) — Departing Time Warner Cable Inc. executives are in line to receive “golden parachute” compensation totaling around $135 million as part of Comcast Corp.’s $45 billion acquisition of the cable operator.
Shareholders are being asked to vote on the packages in a non-binding advisory vote. The details were contained in a securities filing Comcast made Thursday.
Time Warner Cable Chief Executive Rob Marcus is in line to receive $79.9 million, Chief Financial Officer Arthur Minson Jr. is set to get $27.1 million, Chief Technology Officer Michael LaJoie would get $16.3 million and Chief Operating Officer Philip Meeks is to receive $11.7 million.
The amounts include cash, stock and benefits that the executives were to receive for the next two to three years and the final totals could change.
In addition, Marcus has the opportunity to collect options and restricted stock worth another $82.8 million if he resigns following the merger, the filing showed. Marcus took over as CEO on Jan. 1, less than two months before the deal was announced Feb. 12. He was previously president and chief operating officer.
Spokesmen for both Comcast and Time Warner Cable declined to comment.
Both Comcast and Time Warner Cable shareholders are to hold special meetings to vote on the deal, but the dates have not been set. A regulatory review by the Justice Department and Federal Communications Commission is expected to take about a year.