Time Warner Inc. today announced a new employment agreement with Chairman and Chief Executive Officer Jeff Bewkes, extending his term another five years through 2017.
“Speaking on behalf of the Board of Directors, we are very pleased that Jeff has signed on to lead Time Warner for another five years,” said Stephen F. Bollenbach, Lead Independent Director of the Time Warner Board of Directors. “Jeff is a proven visionary when it comes to navigating the digital landscape. Since becoming CEO in 2008 he has led the transformation of the Company into a content-focused powerhouse while at the same time significantly increasing shareholder value.”
“It is a pleasure to work with such a dedicated Board of Directors and I appreciate their confidence in me and in the strategy we have formulated to drive the company’s growth,” said Mr. Bewkes. “With Time Warner’s exceptional management team we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we’ve expanded our reach internationally and we’ve improved the operating and the capital efficiency of the Company. I’m even more confident about what we’ll achieve over the next five years.”
Under the terms of the new agreement, Mr. Bewkes’ base salary and bonus target will remain unchanged. Additionally, the agreement provides for annual long-term incentive awards that are tied directly, and solely, to future financial and shareholder returns.
Commenting on Mr. Bewkes’ pay package Mr. Bollenbach said, “Jeff’s compensation reflects his and the Company’s strong performance since 2008, especially in delivering strong financial results in a competitive market and in the digital leadership of our businesses. The structure of his pay also takes into consideration the views of our major stockholders and expressly ties his pay to the long-term financial success of the company.”