If you were wondering what motivated Time Warner Cable CEO Robert Marcus to move so quickly from a failed merger with Comcast to a new deal with Charter Communications, follow the money.
According to The Wall Street Journal, Marcus is set to receive a handsome payout:
The value of Mr. Marcus’s exit package should he leave within two years of a change in control will be around $97 million, according to an analysis of his employment agreement by Mark Reilly, head of executive compensation practice for Verisight Inc., a human resources consultancy. The analysis was conducted at the request of The Wall Street Journal. To be sure, the parties could reach a settlement with different terms than those laid out in his employment agreement.
If that amount is confirmed, it is equal to asking each of Time Warner’s 15.4 million customers to kick in $6.30 apiece to cover Marcus’ golden parachute.
Most of the rest of Time Warner Cable executives will also each likely receive a generous exit package, although not likely to approach the amount payable to Marcus if the deal wins regulator approval.