Time Warner Cable Inc. (NYSE: TWC) today announced the election of Donna A. James, Edward D. Shirley and former Senator John E. Sununu to its Board of Directors. The company also announced that Glenn Britt has been named to the additional position of Chairman and Peter Haje, who has served as a director since 2006, has been named Lead Director. Don Logan will step down as Chairman, but will remain on the Board and, as previously announced, Jeff Bewkes, Chairman and CEO of Time Warner Inc., will be leaving the Board. These appointments will be effective upon the Company’s previously announced separation from Time Warner Inc., which is expected by the end of the quarter.
“The Board has benefited greatly from Jeff’s contributions and from Don’s leadership during his tenure as Chairman. I thank them both for their service and look forward to working with Don as he continues to serve as a Director,” said Glenn Britt, President and CEO of Time Warner Cable. “The addition of Donna’s deep community and financial background, Edward’s consumer product experience and John’s political expertise further strengthens our already diverse and richly experienced Board.”
Ms. James has served as a consultant, business advisor and managing director of Lardon & Associates LLC, a business advisory services firm in Columbus, OH, since April 2006. Prior to that, Ms. James served as President of Nationwide Strategic Investments, a division of Nationwide Mutual Insurance Company (“Nationwide Mutual”), a financial services and insurance company, from 2003, and as Executive Vice President and Chief Administrative Officer of Nationwide Mutual from 2000. Ms. James also serves as a director of Limited Brands, Inc., Coca-Cola Enterprises Inc. and Conseco, Inc. Ms. James is expected to serve on the audit and finance committees.
Mr. Shirley has served as Vice-Chairman of Global Beauty and Grooming, a business unit of The Procter & Gamble Company, in Cincinnati, OH, since July 2008, and as Group President, North America from April 2006. Prior to that, Mr. Shirley held several senior executive positions with The Gillette Company, which was acquired by Procter & Gamble in 2005. Mr. Shirley is expected to serve on Time Warner Cable’s audit committee and the nominating and governance committee.
Sen. Sununu served as a U.S. Senator from New Hampshire from January 2002 to 2008. Prior to that, he represented New Hampshire in the U.S. House of Representatives from 1996 to 2002 and was the Chief Financial Officer of Teletrol Systems, Inc. from 1993 to 1996. Sen. Sununu is expected to serve on the finance committee and the nominating and governance committee.
These additions will bring the size of Time Warner Cable’s Board to twelve members. The Board of Directors has determined that Ms. James, Mr. Shirley and Sen. Sununu would be independent directors under the New York Stock Exchange listing and standards and the Company’s independence guidelines.
At the time of Time Warner Cable’s separation from Time Warner Inc. the committee membership of the Board of Directors will be as follows. The Audit Committee will include Jim Copeland (chair), David Chang, Donna James and Edward Shirley. The Compensation Committee will include Peter Haje (chair), Carole Black, Tom Castro, and Nick Nicholas. The Nominating and Governance Committee will include Nick Nicholas (chair), Carole Black, David Chang, Edward Shirley and John Sununu. The Finance Committee will include Wayne Pace (chair), Tom Castro, Donna James, Don Logan and John Sununu.
About Time Warner Cable
Time Warner Cable is the second-largest cable operator in the U.S., with technologically advanced, well-clustered systems located mainly in five geographic areas — New York State (including New York City), the Carolinas, Ohio, southern California (including Los Angeles) and Texas. As of December 31, 2008, Time Warner Cable served more than 14 million customers who subscribed to one or more of its video, high-speed data and voice services, representing more than 34 million revenue generating units. For additional information about Time Warner Cable, visit www.timewarnercable.com.