Time Warner Cable's CEO Has the $80 Million Severance Package of Your Dreams
After working for three months as the CEO of Time Warner Cable, Robert D. Marcus has himself an $80 million parachute package after selling the company to Comcast.
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After working for just three months as the CEO of Time Warner Cable, Robert D. Marcus could be looking at an $80 million payday after selling the company to Comcast and (likely) losing his job. If the $45 billion sale to Comcast goes through, as expected, Marcus's job would be eliminated, but he would then receive "a severance payment that amounts to more than $1 million a day for the six weeks he ran the company before agreeing to sell," The New York Times reported.
Specifically, Marcus will receive $20 million in cash, $2.5 million bonus if certain targets are met, and $56.5 million in equity in the new company, Reuters reports. Marcus, 48, had only been working as CEO since January 1, when he orchestrated the deal to sell the company just six weeks later.
He isn't the only top executive who is set to make a ton of money off the deal. "CFO Artie Minson, who joined the company in May 2013 from AOL Inc., could get a payout of $27.1 million after the sale, Comcast said. Chief Technology and Network Operations Officer Michael LaJoie may be due $16.3 million, while COO of Business Services Philip Meeks may get $11.7 million," Bloomberg reports.
All this money rolling around is kinda infuriating if you've ever had to deal with a Time Warner outage, its sometimes shoddy speeds, its roundabout customer service to fix those complaints, or Comcast's financial bullying of Netflix. To put Marcus's package in a bit of perspective: the $20 million Marcus will make in cash alone is more than LeBron James will make playing basketball this year.