One day after Time Warner Cable shares fell the most in four years, a report surfaced that chest-thumping CEO Glenn Britt is heading for the exits.
Britt, whose contract expires on Dec. 31, made headlines in recent months by making the ouster of low-rated channels from TWC’s system one of his top priorities.
Critics said the move — while downplaying the high cost of sports programming — was ham-fisted.
The report that Britt was planning to retire at year’s end, in the Wall Street Journal, maintained that Rob Marcus, TWC’s chief operating officer, was a leading candidate to succeed Britt — who will turn 64 next month.
The company quickly attempted to refute the report — but did not deny it.
“Glenn is under contract and if and when he decides to step down, we’ll have an announcement,” it said in a statement.
Britt, who has been CEO of the No. 2 cable company in the US for nearly 13 years, has been vocal in criticizing programming increases from small networks such as Ovation — which it dropped at the end of 2012 — and AMC Networks’ IFC and WE-TV.
TWC and AMC are in extended negotiations for renewed carriage.
Shares in the cable company fell 11.3 percent on Thursday after the company reported disappointing fourth-quarter results.
While Britt has urged programming partners to be more aware of average incomes across the nation, it has levied incremental fees such as Internet modem rental fees to generate new revenue streams.
If Britt does exit by Dec. 31, many of the smaller channels he’s targeting may outlast him.