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Bewkes Gets 17% Pay Bump

Time Warner CEO's Total Compensation Upped To $22 Million

MCN Staff -- Multichannel News, 1/29/2010 5:00:01 PM

Time Warner Inc. increased chairman and CEO Jeff Bewkes' compensation by about 17%, with a total pay package worth $22 million, according to a regulatory filing.

Bewkes' annual base salary was increased from $1.75 million to $2 million per year, and his annual discretionary cash bonus was increased from $8.5 million to $10 million. In addition, Time Warner increased the target value of his annual long-term incentive compensation from $8.5 million to $10 million. The details were disclosed in an 8-K filing Friday with the Securities and Exchange Commission.

Bewkes was named CEO of the media company in 2008 and added the chairman's role last year. In 2008, his total compensation was $19.9 million.

In the SEC filing, the company's board of directors said Bewkes merited the increase in compensation "in recognition of, among other things, Time Warner's operational and financial performance under his leadership and Mr. Bewkes' performance, including overseeing the development and execution of a new corporate strategy." Specifically, the board's compensation committee cited the spinoffs of Time Warner Cable and AOL, and Bewkes' focus on expanding Time Warner's digital platforms.

The media conglomerate's compensation committee also considered compensation for CEOs at peer entertainment and media companies, claiming other chief executives are more highly compensated than Bewkes.

Bewkes' salary increase is effective retroactively to Jan. 1, 2010, and the other changes are effective beginning with the bonus and long-term incentives awarded for 2010.

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