Time Warner Extends Jeff Bewkes' Contract for 5 Years
Company announces contract extension for chairman and CEO.
Time Warner said Tuesday that it has extended the employment contract of chairman and CEO Jeff Bewkes for five years.
The agreement keeps him in the top post at the entertainment conglomerate through 2017.
Bewkes’ base salary and bonus target will remain unchanged, Time Warner said. "Additionally, the agreement provides for annual long-term incentive awards that are tied directly, and solely, to future financial and shareholder returns," it added.
“It is a pleasure to work with such a dedicated board of directors, and I appreciate their confidence in me and in the strategy we have formulated to drive the company’s growth,” Bewkes said in a statement. “With Time Warner’s exceptional management team, we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we’ve expanded our reach internationally, and we’ve improved the operating and the capital efficiency of the company."
He added, "I’m even more confident about what we’ll achieve over the next five years.”
Stephen Bollenbach, lead independent director on Time Warner's board, said in a statement: “Speaking on behalf of the board of directors, we are very pleased that Jeff has signed on to lead Time Warner for another five years. Jeff is a proven visionary when it comes to navigating the digital landscape. Since becoming CEO in 2008, he has led the transformation of the company into a content-focused powerhouse while at the same time significantly increasing shareholder value.”
Bewkes has focused the conglomerate on its core content businesses via the spinoff of AOL and separation of Time Warner Cable.
He has been chairman and CEO since 2009 and was named president and CEO in 2008. Before that, he served as president and COO from January 2006 through December 2007. Before joining the corporate management level, Bewkes was chairman and CEO of HBO from May 1995 to July 2002 and had top management roles there since September 1991.