Regulator filing reveals boffo year for Time Warner execs
Time Warner CEO Jeff Bewkes’ total compensation rose 34% in 2010 to $26.3 million, according to a regulatory filing.
Bewkes’ base salary went from $1.75 million to $2 million. He had declined a designated increase in 2009 when he added the title of chairman of the media giant because of economic conditions at the time.
Bewkes’ percentage increase exceeded the increases in certain financial measurements at the company in 2010. Revenues during last year rose 6% to $27 billion while operating profits increased 21% to $5.4 billion. Share price jumped 10% in 2010 to $32.17.
Compensation for CFO John Martin soared 62% in 2010 to $10.2 million.
The regulatory filing praised Bewkes’ accomplishments in 2010, including expanding the company’s reach globally and providing “strategic direction” with regards to transitioning the company’s divisions for the digital era, including the TV Everywhere initiative that allows for paying tv customers to watch programs on computers and other devices.
It also praised Bewkes for overseeing the return to shareholders of $3 billion during the year in the form of share repurchases and increased dividends.
Bewkes’ bump in compensation was in the ballpark of that of at least one other media topper.Disney CEO Bob Iger’s compensation rose 24% in the Mouse’s 2010 fiscal year to $29.6 million.