Ted Turner Won’t Seek Re-Election to Time Warner Board

Feb 24, 2006  •  Post A Comment

CNN Founder and cable maverick Ted Turner said Friday that he will not seek re-election to the Time Warner board when his term ends later this year.

The move comes amid years of speculation over what Mr. Turner’s role at the media giant would be after his 2003 resignation from the vice chairman post. Mr. Turner has reduced his stake in Time Warner over the years.

Time Warner also announced that Carla Hills, former U.S. trade representative, would not seek re-election to the board.

Both Mr. Turner and Ms. Hills will continue to serve on the Time Warner board until the next annual meeting, often scheduled for May.

Said Mr. Turner in a statement: “It is after much deliberation that I have decided not to stand for re-election at the annual meeting. I have enjoyed working with [Time Warner Chairman] Dick Parsons as well as the other board members and the management team.”

Mr. Turner’s decision ends a 10-year relationship with the Time Warner board, which he joined in 1996 when Time Warner acquired his Turner Broadcasting System. Also, it comes at a time when the makeup of the board is likely to change. Earlier this month Time Warner management agreed to add additional independent board members as part of a truce with billionaire financier Carl Icahn, who at one point was gearing up to nominate an entirely new slate of directors in an effort to spark change at the company.