Britt received compensation valued at about $14.2 million, including a $5.7 million bonus. He gained $17.5 million exercising stock options and another $24.1 million as part of a special dividend of restricted shares, Time Warner Cable said Tuesday in its annual proxy. Britt also received $62.1 million, in stock and options that vested when he retired Dec. 31. He'll get a one-time benefit valued at $81,000, which the company described as secretarial and travel support.
Time Warner Cable's board said Britt, 65, could have earned $16 million in 2013 if the company had met performance targets.
His successor, Robert Marcus, made headlines after Comcast and Time Warner announced their Feb. 12 merger, just six weeks into Marcus' watch. Under terms of his employment contract, Marcus, 48, will pocket about $80 million. Marcus received 2013 compensation valued at $8.5 million, gaining about $4.1 million exercising stock options and nearly $2.5 million from vested shares.
Among other Time Warner Cable execs, CFO Arthur Minson — who rejoined the company last May — received compensation valued at nearly $5.5 million. He'll receive a post-merger golden parachute valued at $27 million.
Executives, along with 1,800 other Time Warner Cable employees, will also be eligible for supplemental bonuses payable in 2015. The cable operator's board says the bonuses are designed to retain employees until the merger is complete.
Time Warner Cable said shareholder return jumped 43% last year, outpacing the Standard & Poors 500's 32% gain.
Follow Strauss on Twitter @gbstrauss.
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