Bewkes Gets Contract Extension through 2017Time Warner CEO Has Been Pushing TV Everywhere 11/20/2012 5:58 PM Eastern
The new deal runs through 2017, the company said.
Bewkes was named chairman and CEO in 2009. He has overseen the spinoffs of Time Warner Cable and AOL into separate companies, leaving Time Warner to function as a content company operating in the TV, motion picture and publishing business.
He has also been an early advocate of TV Everywhere, which combats piracy and cord-cutting by allowing consumers to watch content whenever they want on whatever devices they want, so long as they subscribe to a channel like TNT or HBO through a distributor such as a cable operators, satellite provider or telco.
"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," Stephen Bollenbach, lead independent director of the Time Warner board of directors said in a statement. "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."
The company said that Bewkes' base salary and bonus target will be unchanged and that the contract contains long-term incentive awards tied to financial and shareholder returns.
"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," Bewkes said in a statement. "I'm even more confident about what we'll achieve over the next five years."