Time Warner topper had ‘challenging’ bonus targets last year, company says
Bewkes’ base salary stayed at $2.0 million last year, with a $13.6 million cash bonus, long-term stock grants valued at $6.9 million and $3.0 million in options.
In outlining his comp in a proxy statement, Time Warner said he “effectively led the company’s execution of its key long-term strategic objectives in a challenging global economic environment,” led Content Everywhere strategy and “successfully communicated the company’s progress in executing its strategy and creating stockholder value to external constituencies.”
Bewkes’ other compensation included Time Warner-supplied aircraft valued at $111,718 in 2012 and car service and driver. The travel perks were granted because of “security reasons,” company said.
In 2012, Time Warner negotiated a new five-year contract with Bewkes, whose previous pact expired Dec. 31, 2012. Bewkes was named CEO in January 2008 and was elected chairman in January 2009.