Time Warner shuffles finance department

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NEW YORK -- In the latest rejigging of executives at Time Warner, executive VP and CFO John Martin on Monday unveiled promotions and changes in the conglomerate's finance group.

Martin and his team are key in the reshaping of TW under CEO Jeffrey Bewkes.

In one key change announced Monday, James Burtson, who has so far served as senior vp investor relations, has been named to the new position of senior vp with responsibility for overseeing mergers and acquisitions. He reports to Martin and also will work with him to develop capital allocation strategies as conglomerates continue to decide whether to spend money on deals, dividends, stock buybacks or other things.

"He'll make increasingly important contributions to Time Warner in his new position," Martin said about Burtson.

Former analyst Douglas Shapiro has been promoted to take on Burtson's former role. He joined TW as vp investor relations last year.

Shapiro was managing director, senior analyst and head of media telecom research at Banc of America Securities.

Meanwhile, Edward Ruggiero, who was senior vp corporate finance, has been promoted to senior vp and treasurer. He succeeds Raymond Murphy, who is retiring.

Said Martin: "These changes will help our finance group work more effectively with our businesses to pursue growth opportunities, maximize our performance and create value for our shareholders."
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