Time Warner Inc's board gave chairman and chief executive Jeff Bewkes a quarter of a million dollar raise for 2010, according to an SEC filing.
The compensation committee raised his annual base salary from $1.75 million to $2.0 million, the salary he was expected to get in his contract. He will also get a $10 million discretionary cash bonus, up from $8.5 million and an increase in the target value of his annual long-term incentive compensation from $8.5 million to $10.0 million.
According to the filing:
The increase in Mr. Bewkes’ base salary was also consistent with the terms of Mr. Bewkes’ employment agreement with Time Warner, which provides that his salary would be increased to $2.0 million if the Board of Directors elected him to serve as Time Warner’s Chairman of the Board. Mr. Bewkes was elected to serve as Chairman of the Board effective January 1, 2009. At that time, due to Mr. Bewkes’ recognition of the economic downturn and its potential impact on the Company’s businesses, Mr. Bewkes declined the increase in his base salary and continued to receive a salary of $1.75 million during 2009.
He deserved the raise for developing a new strategy, including spinning off Time Warner Cable and AOL, focusing on expanding digital platforms and "leveraging Time Warner's scale and brands to deliver compelling content, targeted international expansion and improving efficiency," according to the committee. They also considered salaries at other media companies.
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