Time Warner has confirmed that chairman and CEO Jeff Bewkes has extended his contract and will continue to serve as head of the media giant for another three years.
Bewkes has held the role of CEO since 2008 and chairman since 2009. He joined the Time Warner company in 1991 when he took on the role of president and chief operating officer of HBO. Under Bewkes’ time as CEO, Time Warner’s share prices have went up 162 per cent, according to the company.
Steve Bollenback, the company’s lead independent director, commented: “The Board of Directors is delighted that Jeff has agreed to extend his employment agreement for another three years. Since becoming CEO, Jeff has transformed the company to focus on video content, capitalized on the combined strength of Turner, HBO, and Warner Bros, and delivered consistently strong operating and financial performance.”
According to the Wall Street Journal, Bewkes’ compensation was valued at $32.9 milllion in 2014.