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Cashing in On Your Time Warner Cable Rate Increase: Top Executives Sell Shares, Earning Millions

While your cable and broadband bill increased in 2010, so did the net worth of some of Time Warner Cable’s top executives, compensated in part with shares of company stock.

Chairman, President & CEO Glenn Britt sold 50,000 shares of TWC stock on 02/26/2010 at the average price of $46.44 a share.  While he ponders whether or not to slap limits on your Road Runner broadband service, he can run his fingers through a cool $2,322,000 from this stock sale alone.

Chief Operating Officer Landel C. Hobbs, the man that said Time Warner Cable needed the money earned from Internet Overcharging to afford costly network upgrades, did better than Britt last week when he sold 57,000 shares at an average price of $54.58 a share.  Perhaps chipping in some of that $3,111,160 in extra compensation would help things along.

It doesn’t just stop there:

  • Senior EVP & CFO Robert D Marcus sold 28,504 shares of TWC stock on 05/27/2010 at the average price of $54.21 — $1,545,201.84
  • TWC Ventures Carl Uj Rossetti sold 13,154 shares of TWC stock on 05/27/2010 at the average price of $54.40 — $715,577.60
  • EVP & Chief Technology Officer Michael L Lajoie sold 9,169 shares of TWC stock on 05/03/2010 at the average price of $56.37 — $516,856.53
  • EVP & Chief Strategy Officer Peter C Stern sold 3,676 shares of TWC stock on 04/26/2010 at the average price of $55 — $202,180
  • EVP & Chief Strategy Officer Peter C Stern sold 1,483 shares of TWC stock on 04/05/2010 at the average price of $53.32 — $79,073.56
  • EVP, General Counsel & Secretary Marc Lawrence-Apfelbaum sold 1,394 shares of TWC stock on 04/05/2010 at the average price of $53.32 — $74,328.08

In total, for just the months of April and May and the first week of June, seven executives have extracted more than $8.5 million dollars for themselves.

You got a rate increase to help make all that possible.

Currently there is 1 comment on this Article:

  1. Duffin says:

    It is so infuriating that we can’t do much about this. In most areas, there isn’t an alternative, so it’s not possible to “vote” with your wallet. And most politicians would rather take the cable’s money than help the people who voted them in get fair competition. How do you keep from getting so disillusioned that you just give up?

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  • Jess: I've had ACS internet for 5 years now...never a problem, $110 for unlimited internet and another $100 to GCI for cable...$210/mo, no overages, no prob...
  • Lord Beavis: The only way this is going to stop is for 70% of their customers to cancel their service....
  • sgt: Promises since the onset of cable to 'reduce prices once costs are met' (heard this since 1968 or before) have been as dependable as our present POTUS...
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