Time Warner Cable Inc., the second-largest U.S. cable provider, said it hired former AOL Inc. Chief Operating Officer Arthur Minson as chief financial officer, replacing Irene Esteves, who is departing.
The board replaced Esteves, 54, with Minson, 42, who will take over as CFO on May 2. In a statement yesterday, Chief Executive Officer Glenn Britt said Esteves had played “a significant role in the management of the company” since she joined in 2011.
Minson returns to Time Warner Cable, where he was deputy CFO before leaving for AOL. He reported then to Rob Marcus, who is now Time Warner Cable’s COO and is the top candidate for the CEO job when Britt retires at the end of the year, a person familiar with the situation said in February.
Nathalie Burgos, a spokeswoman at Time Warner Cable, declined to comment on the reason for Esteves’s departure.
“It’s definitely a surprise, but I don’t think there are going to be huge changes in how the company views its capital allocation,” said Amy Yong, an analyst at Macquarie Securities in New York. “Artie has worked with Rob before and is familiar with his thinking.”
Time Warner Cable has fallen 3 percent this year, underperforming the Standard & Poor’s 500 Index, which has gained 12 percent. The New York-based company is changing its operating strategy to cut down on promotional giveaways, forcing customers to pay more for the services they want, Marcus said in an interview last week.
Minson has served as AOL’s CFO since 2009 after leaving Time Warner Cable. He’s also held senior finance positions at AMC Networks Inc. and Time Warner Inc., according to the statement.
Time Warner Cable rose less than 1 percent to $94.23 at the close in New York yesterday, before the change was announced.