Martin to Become Turner CEO, Kent to ChairmanFormer Time Warner CFO Gets Network Nod 7/17/2013 6:37 AM Eastern
Time Warner Inc. shook up management at its Turner Broadcasting System division Wednesday, naming Time Warner Inc. chief financial officer John Martin CEO of the networks effective Jan. 1, at which time he will replace current CEO Phil Kent, who will be moved up to chairman in a transition period in 2014.
“Phil Kent’s exceptional leadership at Turner has driven much of Time Warner’s recent success,” said Time Warner chairman and CEO Jeff Bewkes in a statement. “For the past decade, he has expertly guided the Turner networks through a period of rapid change, all the while building on each network’s leading position with viewers and advertisers and forging stronger relationships with distributors. At Phil’s initiation, he and I agreed that now is the right time to announce the next generation of leadership, and I am pleased that he will serve as chairman.”
As CFO, Martin currently oversees all of Time Warner's finance, accounting, mergers and acquisitions, internal audit, investor relations, treasury and tax areas as well as corporate human resources, employee development and growth, compensation and benefits, worldwide recruitment, and security and transportation. Martin is also responsible for leading efforts to launch enterprise-wide services in the areas of information technology, real estate and facilities and HR systems. In addition, he works closely with other members of Time Warner's senior management team and its operating divisions on a variety of organizational, development and diversity issues. Before assuming his current role in 2008, Martin had been executive vice president and CFO of Time Warner Cable since August 2005. Prior to joining Time Warner Cable, Martin spent nearly 12 years at Time Warner, most recently serving as senior vice president, investor relations, from 2002 to 2005.
“John is one of the most capable and strategically-minded executives I know,” Bewkes said in a statement. “As CFO, he led the design and implementation of our financial strategy that has helped Time Warner deliver superior shareholder returns. But he is also a broad and thoughtful business thinker whose inclusive management style and focus on driving the business forward will fit well with the Turner tradition. I have great confidence he will build on the success Phil has achieved to take Turner to even greater heights.”
Since the beginning of 2003, Kent has headed up Turner since 2003 and has guided the networks’ continuing evolution as a multi-platform media and technology leader. He will continue in his current capacity as chairman and CEO until the CEO transition in 2014, at which time he will serve as Turner’s chairman.
"John has a thorough understanding of and respect for Turner’s position and significance in the Time Warner portfolio,” Kent said in a statement. “He is highly regarded at Turner and will be a strong leader for our company.”
Time Warner plans to name Martin’s successor as CFO in the coming weeks.
“I’m the beneficiary of Phil’s exemplary leadership, and it will be a privilege to work with Phil and all the dedicated and talented people at Turner,” Martin said in a statement. “The company is home to some of the best brands in media, and is known for its innovative culture and focus on delivering programming that audiences love and count on. I look forward to working more closely with everyone at Turner to create more opportunities for consumers, advertisers and our distribution partners.”