Time Warner Inc. chairman and CEO Jeffrey Bewkes, coming off a year of double-digit advertising growth, was rewarded handsomely in 2010, with total compensation of more than $26 million, a 34% increase over the prior year, according to a proxy statement filed Tuesday.
Bewkes' total compensation for year included a $2 million base salary - up from $1.75 million in 2009 - $5.5 million in stock awards, $4 million in options, and $14.4 million in long-term incentives. Bewkes received about $19.6 million in total compensation in 2009.
The year was a strong one for Time Warner - total ad sales were up 10% for the year, including a 14% increase at its Turner networks. Revenue for the content giant was up 6% in 2010 to $26.9 billion (its highest growth rate since 2004) and adjusted operating income rose 17% to $5.4 billion, the highest amount in company history.
Bewkes wasn't the only Time Warner executive to see a stiff increase in compensation. Chief financial officer John Martin received $10.2 million in total compensation in 2010, up 62% from the $6.3 million he received in the prior year. Executive vice president and general counsel Paul Cappuccio received $6.2 million in total compensation (up 19.4%); former executive vice president of administration Patricia Fili-Krushel (who left for NBC Universal in January) received $4.8 million in 2010 (up 10.4%). Rounding out the top executives, executive vice president, corporate marketing and communications Gary Ginsberg, who joined Time Warner from News Corp. in April 2010, received $3.6 million in total compensation.
Former executive vice president of corporate communications Edward Adler, who retired in July 2010 and later joined crisis public relations firm MediaLink as senior partner, received $4.9 million in total compensation in 2010, according to the proxy.