Time Warner Cable CEO Robert Marcus Eligible for $80 Million Golden Parachute

Time Warner Cable CEO Robert Marcus Eligible for $80 Million Golden Parachute

Marcus served in the role for just 44 days before Comcast announced plans to take over

Time Warner Cable CEO Robert Marcus, who served in the role for just 44 days before Comcast announced plans to take over his company, is eligible for an $80 million golden parachute in the acquisition, according to documents Comcast filed Thursday.

A Securities and Exchange Commission statement says Marcus could receive $56.5 million in equity, $20.5 million in cash, and $400,000 in benefits, among other payments. The payout is dependent on Comcast winning federal approval for the takeover, and TWC shareholders will have a chance to weigh in on the terms.

Also read: Time Warner Cable CEO Sells Company a Month Into Term: ‘This Transaction Seems Very Natural to Me’

As Comcast noted in its statement, the payout is dependent on “multiple assumptions that may or may not actually occur.”

Under the proposed payout, Marcus would receive nearly $2 million for each day he served before presiding over the sale announcement. Of course, his job didn't end with the takeover plans: He still needs to help Comcast shepherd the sale through, and run Time Warner Cable until the deal is done.

Also read: Funny or Die Channels Comcast: ‘We Don't Give a F— About You’ (Video)

Marcus was named chairman and CEO in July, and assumed the role at the start of 2014. He replaced Glenn Britt, who stepped down after 12 years and announced in October that he was battling cancer.
The statement said Britt would not receive any golden parachute payout, but he does still have stock in the company.
Marcus served as president and chief operating officer of TWC beginning in December 2010, and was chief financial officer from 2008 through mid-2011.
  • Jim

    I pay $210 monthly bill (with an increase in April) and he gets a $80 Million Golden Parachute. Whatta a crook!

  • makayli verran

    my Aunty Grace got a nearly new blue Kia by working part
    time from the internet. look at this now F­i­s­c­a­l­P­o­s­t­.­ℂ­o­m

  • prb

    He makes the French Revolution seem totally justified.

  • Rebecca Smith

    Simply gross

  • Looking for TWC alternatives

    I've stayed with TWC in NYC because of its NY1 (24/7 news channel). Triple play = $200. It's time for me to explore options and choose one.

    • Disgusted TWC NYC Customer

      Ditto!!!!!

  • David A Whittaker

    One of the many reasons I have no cable at all in my home. Douchbag extraordinaire.

  • Working Class Stiff

    Folks at Sony are getting let go thanks to Bain Capital. Severance packages range from a few weeks to a few months of pay. It is the barons of industry who are stepping on working folks to give themselves these ridiculous deals.

    Soak the rich. Bring back the 90% marginal tax rate on all earnings over $10mm per year. Maybe then, some money will filter down through the economy as corporate heads of state decide to pay their workers rather than the government.

    And, if you can't live on $10mm per year, shame on you!

  • Chase Sequence

    And it will all be paid for with our next giant cable rate hike. So much for the “pro-consumer merger” (a quote from Cbsnews radio).