Time Warner Cable CEO Glenn Britt to Step Down (Report)

Glenn Britt, Time Warner Cable's CEO since 2001, will depart at the end of the year, the Wall Street Journal says

Time Warner Cable's chairman and CEO Glenn Britt will step down from his position at year's end, the Wall Street Journal reports.

Britt has been CEO of Time Warner Cable since 2001, and was named president and CEO in 2006.

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His contract is due to expire at the end of this year. It was set to expire at the end of 2012, but last July the company extended it, according to its securities filings.

A spokeswoman for Time Warner Cable would not confirm Britt's departure.

"Glenn Britt is currently under contract with Time Warner Cable. If and when that changes we will announce it," the spokeswoman told TheWrap in a statement.

According to the Journal, TWC's chief operating officer Rob Marcus is a top contender to succeed Britt.

In an earnings report Thursday, the company said its profit fell 9 percent in the fourth quarter of 2012, due largely to tax hikes and operating expenses, though revenue grew nearly 10 percent to $5.49 million. The company added 75,000 subscribers during the period, compared to 117,000 in the previous year, the Journal said.