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Time Warner’s Clark Resigns From Lazard Post

Dec 6, 2005  •  Post A Comment

Time Warner Director Robert Clark resigned Tuesday from the board of Lazard Ltd., an investment bank that is advising financier Carl Icahn in his proxy fight against the media giant.

Mr. Clark’s participation on both Lazard’s and Time Warner’s boards had raised some eyebrows on Wall Street, and led some people to suggest a potential conflict of interest.

“In order to eliminate the appearance of a conflict of interest, whether now or in the near future, and with the hope of freeing the companies from unproductive distractions, I have decided to step off the board of Lazard,” Mr. Clark, the former dean of the Harvard Business School, wrote in a letter to the Securities and Exchange Commission.

Said Time Warner: “We respect Bob Clark’s decision and are honored to have him continue as an independent director of Time Warner.”

Mr. Clark’s resignation is the latest twist in what appears to be shaping up to be a protracted battle between Mr. Icahn and Time Warner’s management over the direction of the company. Mr. Icahn, who is seeking to have representation on the Time Warner board, has been pushing for the media company to break itself apart and has pushed for the company to raise its stock repurchase program to $20 billion.