Time Warner Board Adds Former Kellogg CEO, Commerce Secretary
The appointment of Carlos Gutierrez expands the entertainment conglomerate's board to 12 members.
Time Warner said Thursday that its board has elected Carlos Gutierrez as a director, effective immediately.
The addition of the 59-year-old former chairman and CEO of Kellogg and U.S. secretary of commerce expands the board to 12 members.
Said TW chairman and CEO Jeff Bewkes: "Carlos is a great addition to our board, bringing his experience as a successful and innovative business leader, as well as an invaluable perspective on international and domestic markets gained through his other roles, including serving as U.S. secretary of commerce. We look forward to benefiting from his sound business judgment and thoughtful viewpoints as we focus on continuing to increase value for Time Warner stockholders."
Said Gutierrez: "I'm honored to be joining Time Warner's board and am looking forward to working with such a distinguished management team and group of directors. This is an exciting time to be in the media content business and at Time Warner in particular, and I'm thrilled to be part of it."
TW said 11 of its 12 board members are independent.
Gutierrez served as the 35th U.S. secretary of commerce from February 2005 to January 2009. Before that, he worked for Kellogg for nearly 30 years, becoming president and CEO in 1999 and chairman and CEO in April 2000.