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

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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.

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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.