Bewkes Bagged $19.9 Million In 2008
Total Compensation for Time Warner Chief Rises 1.5%
Mike Farrell -- Multichannel News, 4/8/2009 6:03:56 PM
In his first full year at the helm of Time Warner Inc., Jeffrey Bewkes initiated a lot of change. And according to a proxy statement filed Wednesday night, he also took a big chunk of the stuff home.
Bewkes, according to the proxy filed with the Securities and Exchange Commission Wednesday, received $19.9 million in total compensation in 2008, a slight raise from the $19.6 million he took home in 2007.
The biggest increase the Time Warner chairman and CEO came in the form of stock options - he received $8.1 million worth in 2008 vs. $3.9 million in 2007. His base salary rose from $1.25 million in 2007 to $1.75 million in 2008. On the downside, Bewkes only received $2.1 million in stock awards in 2008, a sharp decline from the $7.3 million he garnered in 2007.
Bewkes was named CEO of the media giant in 2008, before adding the chairman's role earlier this year. During that time, he has spun out its Time Warner Cable unit - reaping a $9.25 billion dividend payment to the company - and made moves to separate its AOL unit.
Bewkes has also taken a lead role in the industry initiative to bring content online in a manner that is palpable to programmers and operators, being a big proponent of the "TV Everywhere" concept.
Outgoing chairman and CEO Richard Parsons, who retired as chairman in December, reaped $10.3 million in compensation from the company, down from the $18.6 million he received in 2007. A former banker, Parsons assumed the chairman's role at Citigroup in February.
Executive vice president Paul Cappuccio received $5.7 million in total compensation for the year, down from $6.1 million in 2007, while executive vice president of administration Patricia Fili-Krushel received $4.7 million in total compensation, up from $4.2 million in 2007.
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