Time Warner Execs Receive Hefty Raises

Apr 5, 2004  •  Post A Comment

Time Warner Chairman and CEO Richard Parsons, who for the past year has overseen the paring-down of the media giant’s debt, received a nice reward for his efforts-in the form of a 690 percent jump in his total remuneration to nearly $10 million, according to a filing with the Securities and Exchange Commission.
Mr. Parsons, who was named chairman nearly a year ago, earned a total of $9.99 million in 2003, up from $1.26 million a year ago. The growth came from several areas, including his base salary, which rose to $1.5 million from $1 million, and an $8 million bonus in 2003 compared with no bonus a year earlier. Mr. Parsons also received $2.1 million in restricted stock options in 2003 versus none the year before.
Jeffrey Bewkes, Time Warner’s chairman of the networks and entertainment group, saw his remuneration jump nearly 200 percent in 2003 to $18.41 million from a year-earlier figure of $6.15 million. Much of the increase for Mr. Bewkes was attributable to an increase in his annual bonus to $6.5 million from a year-earlier figure of $5 million as well as nearly $11 million in restricted stock options.
Don Logan, chairman of Time Warner’s media and communications group, saw his remuneration rise 49 percent to $9.7 million from a year-earlier level of $6.51 million, while Chief Financial Officer Wayne Pace’s remuneration climbed 54 percent to $5.01 million from a year-earlier $3.26 million.