Time Warner CEO received compensation worth $19.4M in 2009, according to AP analysis
By APFriday, March 26, 2010
Time Warner CEO pay falls 9 pct. to $19.4M in 2009
SAN FRANCISCO — Jeffrey Bewkes, the CEO of Time Warner Inc., received compensation valued at $19.4 million in 2009, down more than 9 percent from the year before as his stock-based awards fell, according to an Associated Press analysis of a regulatory filing.
Bewkes, 57, received a salary of about $1.8 million in 2009, the same as in 2008. He also received a performance-based bonus of $12.1 million, up from $7.6 million the previous year.
He received stock and options valued at $5.4 million on the days they were granted in 2009, down from $12 million in similar awards received the year before.
His other compensation, which included the personal use of a car, driver and company plane, a company savings plan match and insurance premiums, rose to $141,714 from $103,517 a year earlier.
The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.
Bewkes has served as CEO since taking over for Richard Parsons in January 2008. He oversaw the company’s split from Time Warner Cable Inc. in March 2009 and, more recently, its spinoff of Internet company AOL Inc. in December.
New York-based Time Warner currently owns the Warner Bros. movie studio, cable networks including HBO, CNN and TNT and the Time Inc. group of magazines.
For the 2009 fiscal year, Time Warner reported a profit of $2.47 billion, or $2.07 per share, compared with a loss of $13.4 billion, or $3.74 per share, in 2008. The loss in 2008 was due mainly to a $24.2 billion write-down on the company’s cable, publishing and AOL assets.
Revenue fell 3 percent to $25.8 billion in 2009.
