Ted Turner will not seek re-election to Time Warner Inc.’s board of directors.
The Cable News Network founder said he will step down in accordance with the board's retirement policy.
Former U.S. trade representative Carla A. Hills will also step down from the media giant’s board. Both Turner and Hills will continue to serve as directors until the company's 2006 annual meeting.
“It is after much deliberation that I have decided not to stand for re-election at the annual meeting,” Turner said in a prepared statement. “I have enjoyed working with [Time Warner chairman and CEO] Dick Parsons, as well as the other board members and the management team. I wish Dick and the company every success.”
In a prepared statement of his own, Parsons said, “Ted Turner's legendary record as a media pioneer and executive at Turner Broadcasting [System Inc.] and Time Warner speaks for itself. He is a visionary leader who has made an extraordinary contribution to this company and, indeed, to the world at large.”