Parsons paid nicely

Bewkes earned $1 mil in salary, $6 mil bonus

Time Warner topper Richard Parsons earned $1.5 million in salary and a $7.5 million bonus last year, bringing his total pay package, including long-term and other compensation, to about $16 million, the world’s largest media conglom said in its annual proxy filing with the SEC.

Proxies list the pay of a company’s highest paid execs, outline resolutions and list directors up for election at the annual shareholder meeting.

TW’s meet will be held May 19 in Atlanta, with less drama than might have been expected several months ago, when corporate raider Carl Icahn was bashing management, maligning Parsons and threatening to run a dissident slate to oust the board.

Icahn backed down after failing to win over Wall Street and inking a settlement under which Time Warner agreed to boost its stock buyback plan and continue to cut costs.

TW noted that Parsons’ bonus was half a million less than in the previous two years, as “the company did not exceed its financial goals by as much as it had in 2003 and 2004.”

Recently anointed prexy-chief operating officer Jeffrey Bewkes earned $1 million in salary and a $6 million bonus. Ditto with Don Logan, who retired as chairman of TW’s media and communications group in December.

Bewkes’ total package was worth $12.5 million, Logan’s $12.9 million.

Chief financial officer Wayne Pace and general counsel Paul Cappuccio each took home $1 million in salary and a $2.7 million bonus.

Compensation includes long-term restricted stock awards plus items like transportation (“car and specially trained driver for Parsons, Bewkes and Logan”), health-club membership, financial planning and life insurance.

New SEC regs require companies to provide more detail on executive benefits and perks.

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