NEW YORK (AP) — Time Warner Cable announced Thursday that its chairman and CEO Glenn Britt will retire at the end of 2013 and that it has been given authority to buy back up to $4 billion in stock.
The company's board elected Robert Marcus to succeed him. Marcus is the company's president and chief operating officer.
Britt, 64, became CEO of the cable company in 2001 and led the company through many technological changes, such as the addition of high-speed internet and Video on Demand. He also oversaw the company's emergence as a publicly traded company. It is one of the nation's biggest cable companies with 15 million customers.
Following his retirement, Britt will remain on the board, but take a non-executive role.
Marcus, 48, joined Time Warner Inc. in 1998 and moved to Time Warner Cable in 2005. He was named chief financial officer in 2008. He worked with Britt during its 2009 spin-off from Time Warner Inc.
Time Warner Cable also said Thursday that its board authorized the company to buy back up to $4 billion of its shares. The company said it is a signal of its confidence in its business. It has nearly 291 million shares outstanding.
Shares of the company fell 7 cents to close regular trading at $117.22 but added 78 cents to $118 per share in after-hours trading following the announcements.