Time Warner moneymen moving up
EmptyConsummate dealmakers and financial gurus will take the CFO posts at Time Warner and Time Warner Cable with Jeffrey Bewkes' ascension to the TW CEO spot as of Jan. 1.
The conglomerate said Tuesday that current TWC CFO John Martin will return to the TW executive suite and serve as executive vp and CFO, replacing Wayne Pace, who is retiring as of the end of the year.
TWC exec Robert Marcus will move up to replace Martin. He also will retain his current title of senior executive vp and continue to oversee mergers and acquisitions, programming, human resources and business affairs.
Martin, a former analyst, had been tipped on Wall Street to take over the key role (HR 11/5). He is seen as someone who can take TW's message to Wall Street more aggressively and work closely with Bewkes to boost shareholder value.
Among Martin's key tasks will be to work with Bewkes on possible asset sales and spinoffs, including those of TWC, AOL and the Time Inc. magazine division.
Meanwhile, industry chatter continued Tuesday about who could take the open TW COO spot once Bewkes leaves the title behind.
With the conglomerate's film and TV units looking solid, executives there are considered hot contenders. But Barry Meyer, chairman and CEO of Warner Bros. Entertainment, is believed to want to remain at the studio and in Los Angeles. Ron Grant, president and COO of AOL, is another possible contender; he previously served as senior vp operations at TW but likely is needed to keep driving the hoped-for turnaround of AOL.
Martin joined TWC in August 2005. He has spent nearly 12 years with TW in various positions, including that of a director in the Office of the President, where he provided financial advice to outgoing TW CEO Richard Parsons. From 2000-02, Martin was director in the equity research group of ABN AMRO Securities.
Among key issues facing Martin are the future relationship with TW, with many expecting the conglomerate to sever all ties with TWC eventually, and possible acquisitions, which could include Cablevision.
Marcus joined TWC in August 2005 from the parent company, where he had served as senior vp mergers and acquisitions.