Time Warner Cable CEO Britt to step down by year end: report

Time Warner Cable's longtime Chief Executive Glenn Britt will step down at the end of the year, the Wall Street Journal reported on Friday, citing anonymous sources.

A Time Warner Cable spokesman said in a statement that Britt "is under contract and if and when he decides to step down, we'll have an announcement."

The 63-year-old executive, who has been CEO since 2001, could be replaced by Rob Marcus, the company's chief operating officer and president, the newspaper said. Marcus was promoted in 2010 and received a 38 percent increase in compensation in 2011 of $8.3 million. Britt received $16.4 million in compensation in the same period, down 5.7 percent from a year earlier.

The news comes a day after the company issued a weaker-than-expected earnings outlook, sending shares down more than 10 percent.

Shares fell 0.2 percent to $89.15 on Friday.

(Reporting by Liana B. Baker; Editing by Marguerita Choy)