Hobbs out as Time Warner Cable's COO; Marcus promoted
Time Warner Cable has replaced Landel Hobbs as its chief operating officer with Robert Marcus.
In addition to being named Time Warner Cable's new COO, Marcus is also now president of the nation's second-largest cable operator. Marcus took over as COO effective today and will report to chairman and CEO Glenn Britt while Hobbs is leaving the company.
"Rob's intelligence, strategic insight and clear understanding of consumers have distinguished him as one of the strongest CFOs in corporate America," Britt said. "As president and COO, he will no doubt lead the company to further success at a time of great opportunities and challenges in the communications marketplace."
Hobbs joined Time Warner Cable in 2001. He was on the most recent Time Warner Cable earnings call last month, so today's announcement was unexpected.
"Landel has played a significant role in the growth of the company over the past decade," Britt said. "In particular, his leadership in operations and marketing has helped Time Warner Cable grow and evolve in the face of increased competition and technological change. I speak for all Time Warner Cable employees in wishing him the absolute best in the next phase of his life and career."
Marcus joined Time Warner Cable in 2005 as senior executive vice president, responsible for corporate groups including mergers and acquisitions, business affairs, programming and human resources.
In January 2008, he assumed accountability for the company's finance functions, adding chief financial officer to his duties.
Britt said that Marcus will continue to serve as CFO temporarily while the company conducts a search for his successor.
Marcus had previously held various leadership positions, including senior vice president of mergers and acquisitions, at Time Warner Inc., which he joined in 1998.