Time Warner’s Jeff Bewkes Extends Contract

NEW YORK: Jeff Bewkes, the chairman and CEO of Time Warner, has signed a new employment agreement that adds another five years to his contract, keeping him in the role through 2017.

Bewkes started off at the company as the chairman of the entertainment and networks group, from July 2002 to December 2005. He was elevated to president and COO in January 2006, before being upped to president and CEO in 2008 and being placed in his current post in 2009. Under the new contract, Bewkes’ base salary and bonus target will remain unchanged. The agreement provides for annual long-term incentive awards that are tied directly and exclusively to the future financial and shareholder returns.

“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, the 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,” commented 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.”

Bollenbach added, “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.”