Time Warner CEO Jeff Bewkes' Pay Rises to $32.6M in 2016
He had made $31.5 million in 2015.
Time Warner chairman and CEO Jeff Bewkes' compensation amounted to $32.6 million in 2016, up 3.5 percent compared with $31.5 million in 2015, according to a regulatory filing.
Bewkes last year made a base salary of $2 million, $7.75 million in stock awards and another $7.98 million in option awards. He also earned another $14.5 million in nonequity incentives and just over $200,000 in other compensation.
Bewkes' 2015 compensation was made up of a $2 million salary, $7.9 million in stock awards, $8 million in option awards and $13.4 million via a nonequity incentive plan.
In 2014, Bewkes made $32.9 million in 2014 after $32.5 million in 2013 and $25.9 million in 2012.
The majority of his compensation has been based on the company's financial and stock performance. In 2016, Time Warner shares rose about 50 percent. Late in the year, the entertainment giant agreed to be acquired by telecom powerhouse AT&T for $85.4 billion. The Department of Justice must clear the deal.
In a letter to shareholders that accompanied the company's proxy statement, Bewkes and director Robert Clark jointly said, "2016 was a successful - and pivotal - year for Time Warner. We once again delivered strong operating and financial performance, as we continued to executive a strategy that has driven superior returns for our shareholders."
Bewkes' compensation has typically come in below those of such highly paid industry peers as CBS Corp. CEO Leslie Moonves and Discovery Communications CEO David Zaslav.
Bewkes has served as CEO of Time Warner since 2008 and as chairman since 2009 and has been with the company for more than 20 years.