Time Warner CEO to get $80 million golden parachute for two months work

Robert Marcus, chief executive officer of Time Warner Cable, could receive a "golden parachute" pay package worth up to $79.9 million if Comcast's take-over of Time Warner Cable is approved. (Andrew Harrer / Bloomberg / June 11, 2013)  LA Times

There is not much to comment on this LA Times story:

Robert Marcus, the chief executive of Time Warner Cable, is up for a compensation package worth as much as $79.9 million if the sale of the company to Comcast Corp. closes.

The cable giants said in February, when Marcus had been in the job of CEO for less than two months, that Comcast would buy its rival for $45.2 billion. 

According to a regulatory filing, the "golden parachute" pay package for Marcus includes $20.5 million in cash and $56.5 million in stock and options. He's also up for a $2.5-million bonus depending on the company's performance until the closing of the deal.

His equity compensation will consist of $40.3 million in restricted stock and $16.2 million in unvested options.

Comcast's takeover of Time Warner Cable, which will allow it to provide television, telephone and Internet service to nearly 30 million homes across the country, requires approval from the Federal Communications Commission and U.S. Department of Justice.

Media watchdogs and politicians have expressed concern over letting one company have so much control. 

Marcus isn't the only executive coming out of the deal with a substantial sum. Time Warner Cable's chief financial officer Arthur Minson Jr. is up for $27.1 million in compensation, including $7 million in cash, $19.3 million in equity and a $675,000 bonus.

So Robert Marcus has only been on the job as CEO of Time Warner Cable for less than two months, and he's getting an $80 million paycheck.  

Incredible.