Marcus, who once proclaimed that Time Warner Cable's higher prices were simply a reflection of the company being the "
" -- managed to improve company metrics and continue deployment of the ISP's "Maxx" upgrades despite the turmoil of the merger approval and preparation process.
In a departing letter to employees obtained by DSLReports.com, Marcus states it was a "distinct honor and privilege" to serve as the company's leader while the company was transitioned toward acquisition and dealt with a notably long stretch of rejected (Comcast) then approved (Charter) mergers.
You can find a full copy of the letter below the break.
quote:
With the closing of our merger with Charter only days away, it is with great humility, respect, admiration and gratitude that I pen my final note to you as CEO of Time Warner Cable.Our journey over the last two and a half years has been a wild ride, but it has also been the most rewarding experience of my career. Back in July of 2013, the day after it was announced that I would succeed Glenn as CEO, I sent you all an email entitled “My Thoughts on the Future” sharing my vision for TWC. Suffice it to say that “my thoughts on the future” of Time Warner Cable did not include a hostile takeover offer, a proxy contest, a merger agreement, 14 months of regulatory review, termination of that first merger, a second merger agreement, 12 more months of regulatory review and endless integration planning.
No, that was not what I had in mind when I shared “my thoughts on the future.” What I shared back then was a belief that we would remain a company that does the right thing; we would build a performance-based culture marked by employees who come to work every day with a real passion for winning; we would put our customers at the center of everything we do; we would continually reinvent ourselves to drive future growth; and, finally, we would remain committed to creating value for our owners. Though there is much that I didn’t anticipate back then, I think much of the vision I laid out has, in fact, become a reality. And I am incredibly proud to say that, as a result, we are a far stronger company today.
Rather than let all the twists and turns of the last three years deter us from achieving our plan, we forged ahead, staying true to our vision, because we knew it was the right thing for our customers, our shareholders and each other. And it paid off. Remember where we stood as we closed out 2013. We had just lost hundreds of thousands of customer relationships and a staggering three-quarters of a million video subs. Revenue and OIBDA growth were decelerating. Customer satisfaction was declining. And shareholders and analysts were levying blistering critiques of our performance. It was not a fun time to be at TWC.
But we’re a resilient bunch. Despite all of the merger speculation and negative news, our 50,000 plus team regrouped, developed a plan, and executed. And I mean really executed. Over the next nine quarters, we added over a million customer relationships – simply stunning! In 2015, we accomplished something that we hadn’t accomplished since 2006 – we grew residential video subscribers for the full year! By the end of last year, those subscriber improvements began to translate into accelerating revenue growth, and by the first quarter of this year, our strong revenue growth was accompanied by very robust OIBDA growth. A remarkable turnaround by any measure. At the same time, we really delivered on improving the customer experience. We deployed TWC Maxx, with all-digital video and vastly faster Internet speeds, to roughly half our customers. We significantly improved reliability. We enhanced our marketing, sales and retention. And we made enormous strides in customer service – with industry-leading one-hour service windows, greatly improved first-call resolution, and a suite of self-service options. And those are just the Residential highlights, as our Business Services and Media operations continued to deliver great results throughout. We all have a tremendous amount to be proud of.
None of this could have been achieved without a truly heroic effort by our entire team. Over the last several years, I repeatedly called upon you to stay focused in spite of all the merger-related distractions, uncertainty and emotional upheaval. I recognized then and now that it was an unreasonable, almost impossible request. And I wouldn’t have faulted you for thinking that I just didn’t get it. But somehow, unreasonable or not, seemingly impossible or not, you consistently rose to the challenge, exceeding my wildest expectations of what a motivated, passionate, unified team could accomplish under the most difficult of circumstances. There are no words that can adequately convey my appreciation for your efforts, my respect for your professionalism and my admiration for the commitment and passion you bring to work every day, so I will simply say, thank you.
We’ve been part of something truly special. But I have no doubt that the next chapter will be special, as well. For most of you, who will be moving on to New Charter, the future is extremely bright. Tom Rutledge and the team he has assembled are seasoned, talented leaders with proven track records of success. New Charter will have terrific operating momentum and the scale necessary to tap new opportunities that none of the three companies could have on its own. But, more significantly, the new company will benefit from a world-class team, largely comprised of all of you. Rest assured that I will be watching with great enthusiasm and high expectations, confident that you will continue to make me proud.
For those who will not be continuing on with New Charter, I wish you all the best and hope that you again have the opportunity to be part of something truly special. We’ve had an incredible, and unique experience over the past two and half years, and that undoubtedly will serve us well in our next chapters.
Being Time Warner Cable’s CEO has been the most satisfying experience of my professional life. It has been interesting, challenging, sometimes frustrating, most of the time fun, and always fulfilling. It has been my distinct honor and privilege to serve as your leader.
I look forward to our paths crossing again soon. In the meantime, I wish you all health and happiness.
