A day after anointing Jeff Bewkes as chief exec, Time Warner announced John Martin will take over Jan. 1 as chief financial officer.
Martin, currently exec VP and chief financial officer at Time Warner Cable, where he helped engineer the successful spinoff of 16% of the parent company’s cable holdings, will hold the same titles at Time Warner. He will start his new post Jan. 1, replacing Wayne Pace, who had previously announced plans to retire.
“John and I share an appreciation for how a CFO can help shape a company to generate incremental value for shareholders,” Bewkes said.
“We’re all committed to moving Time Warner forward and ready to do what’s required to realize Time Warner’s full potential and value for our shareholders,” Martin said.
Pace spent six years in the CFO job. His exit may have been hastened by tabloid reports last year claiming he lavished gifts and attention on a 31-year-old woman who was later arrested on prostitution charges.
Pace, who is married, said he was unaware of the woman’s activities, and a company investigation found he did not improperly use Time Warner funds.
An accountant by training, Martin spent a total of 12 years at Time Warner before his current stint in the cable division. He served, among other positions, as senior VP of investor relations. From 2000 to 2002, he also worked for two years in equity research for ABN AMRO Securities.