Glenn Britt has announced he will step down as Time Warner Cable’s chief executive, replaced by Robert D Marcus, currently president and chief operating officer.
A TV veteran, Britt was named CEO by the cable giant in 2001. However the past few years have been plagued with speculation about when the 64-year-old would depart.
Commenting on his retirement announcement Britt told the New York Times: “It’s actually not healthy for somebody to stay too, too long.”
Marcus has been in the running for the role since 2010 and will take over a company at the end of the year. He will lead a shift the company’s priorities to a focus on residential subscriptions, which have been declining for several years, the corporate culture and overall customer service.
Speaking to the New York Times he said: “We’ve got to develop a level of emotional connection with our customers,” adding that gaining TV subscribers will be “challenging.”
Marcus also said Time Warner “can do better,” with its broadband subscribers, as although it noted it had 11.4 million broadband subscribers on the books at the end of last year, growth was slow in the first quarter.
The announcement comes as Time Warner Cable and CBS Corporation continue to negotiate over a new carriage contract. The deadline has been extended from yesterday, Thursday 25, to Monday 29 July. If no deal is made CBS could be blacked out in three million subscribers’ homes.