Boston, MA 04/30/2013 (wallstreetpr) – The United States’ second-largest cable provider, Time Warner Cable Inc (NYSE:TWC) (Closed: $94.23, Up by 0.86%) said that it has hired Arthur Minson, who was the Chief Operation Officer at AOL, Inc (NYSE:AOL) (Closed: $39.05, Up by 0.03%), as the company’s Chief Financial Officer, Irene Esteves is departing the company and Minson will he taking her place. The 42-year-old Minson will be taking over from the 54-year-old Esteves on May 2. Glenn Britt, the Chief Executive Officer, said in a statement that since the time Esteves had joined the comoany in 2011, she had played a very notable role in the management of the company.
In reverse gear
Minson will be returning to Time Warner Cable. He was the deputy Chief Executive Officer there prior to joining AOL. At that point he reported to Rob Marcus who is currently the Chief Operation officer of Time Warner Cable and is also considered to be the preferred candidate for the Chief Executive Officer spot once Britt retires at the end of 2013. A Time Warner Cable spokesperson, Nathalie Burgos declined to comment on why Esteves was leaving the company. A prominent analyst said that the news has definitely come as a surprise but that there will be no huge shake-up’s in the manner in which the company considers its capital allocation. Artie and Rob have worked together before and the former is familiar with how Rob operates.
The Standard & Poor’s 500 Index had gained 12 percent in the current year, while there was a dip of 3 percent in Time Warner cable. The New York-based company is switching its operating strategy in an effort to cut down on any promotional giveaways. Last week, Marcus said that the customers will now have to pay extra for the services they desire. Minson had left Time Warner cable in 2009 and had served as the AOL, Chief Operating Officer since then. He has also been at senior finance positions at Time Warner Inc (NYSE:TWX) (Closed: $60.13, Up by 0.77%) and AMC networks Inc.
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