Time Warner Cable Inc. (TWC) Chief Executive Glenn Britt will step down at the end of the year, according to media reports, amid growing worry among investors about the company's operational performance.
Britt will leave at the expiration of his current contract, reports stated, citing person familiar with the matter.
The reports stated that Rob Marcus, the cable operator's president and chief operating officer, will succeed Britt.
"Glenn Britt is currently under contract with Time Warner Cable. If and when that changes we will announce it," the reports stated citing company spokesman.
Britt contract was extended in July 2011 to expire at the end of 2013, securities filings show. Time Warner declined to confirm Britt's plans.
A day before, the New York-based company reported a 9% decline in fourth-quarter as higher taxes and operating expenses masked improved revenue amid continued softness in its video business.
TWC closed Friday's trading at $90.27, up $0.93 or 1.04%, on the NYSE. The stock down $0.13 or 0.14% in after hours trade.
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