Time Warner CEO Sells $12.2 Million in Company Stock
Amid a rising stock price, Jeff Bewkes disposes of much of his direct holdings, but continues to have stock options and restricted stock units.
Time Warner chairman and CEO Jeffrey Bewkes has sold company stock worth $12.2 million amid a recent rise in the conglomerate's share price, according to a regulatory filing late Thursday.
That was close to half his $25.9 million in total compensation for 2012.
Bewkes disposed of 205,681 Time Warner shares for $59.27 each this week, according to the filing. Bloomberg News reported that this amounted to 81 percent of his direct current stock holdings in the company.
Bewkes now owns 48,010 shares directly and 35,010 indirectly via an employee benefit plan. He also has 3.79 million in stock options and 437,420 in restricted stock units.
Taking all this together, Bewkes' stock sale amounts to about five percent of his total potential stake in the company.