Time Warner CEO Jeff Bewkes' 2011 Compensation Drops Slightly to $25.9 Million
UPDATED: The boss of the entertainment conglomerate had made $26.3 million in 2010.
NEW YORK -- TIme Warner said Monday that chairman and CEO Jeffrey Bewkes received compensation worth $25.9 million last year.
The total pay package, details of which were disclosed in a regulatory filing, compares with the $26.3 million he made in 2010.
Bewkes got the same $2 million base salary in both years. His performance-based bonus for 2011 amounted to $13.5 million, down from $14.4 million a year earlier. His 2011 compensation also included a slight decline in the value of option awards but higher stock awards.
TW's filing also said that it calculated that Bewkes' personal use of company-provided aircraft amounted to $37,700 last year and his usage of an automobile and driver to $7,576. "For security reasons, Mr. Bewkes was provided with a car and driver during 2011 and was encouraged to use company aircraft for business and personal use," the filing said. "Other executive officers were eligible to use a private car service, company aircraft for business use and, in limited circumstances and subject to the controls in the company’s travel policies, to make personal use of company aircraft. Personal use of company aircraft by executives other than Mr. Bewkes was permitted when there was available space on a flight scheduled for a business purpose, in the event of a medical or family emergency, or with the approval of Mr. Bewkes."
Satellite TV giant DirecTV recently said its CEO Mike White's pay package reached $5.9 million. In January, Viacom said that CEO Philippe Dauman's compensation amounted to $43.1 million in the latest fiscal year. Both saw compensation declines due to special year-ago awards.