Time Warner Cable Chief Executive Officer Glenn Britt will retire at the end of the year, to be succeeded by COO Rob Marcus.

Marcus, 48, will take over as CEO and chairman on Jan. 1, 2014. Britt, 64, will remain on the board.

The new CEO faces challenges in the traditional pay-TV business. Time Warner Cable has failed to add video customers for more than five years as consumers have switched to competing services.