Time Warner CEO Jeff Bewkes received compensation worth $26.3 million in 2010, according to a proxy statement filed Tuesday.
The 58-year-old executive saw his base salary increase by a quarter-million dollars, to $2 million. Additionally, he got a bonus of $14.4 million and $5.52 million in stock and $4.07 in options.
His total compensation is up 34 percent over the previous year, when he received $19.6 million.
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According to the filing, "The Compensation Committee approved an increase in Mr. Bewkes’ annual base salary from $1.75 million to $2.0 million in recognition of, among other things, Mr. Bewkes’ performance, including overseeing the development and execution of the company’s corporate strategy, the company’s operational and financial performance under his leadership, and competitive market factors. The increase in Mr. Bewkes’ base salary was also consistent with the terms of Mr. Bewkes’ employment agreement, which provides that his salary would be increased to $2.0 million if the board of directors elected him to serve as Time Warner’s chairman of the board."
Also in the filing: "Mr. Bewkes was elected to serve as Chairman of the Board effective January 1, 2009. At that time, due to Mr. Bewkes’ recognition of the economic downturn and its potential impact on the Company’s businesses, Mr. Bewkes declined the increase in his base salary and continued to receive a salary of $1.75 million during 2009."
Other Time Warner executives also received raises: John Martin, the company's chief financial officer, got $10.2 million — a 62 percent increase. He received $6.3 million in 2009.
Executive VP and general counsel Paul Cappuccio's total compensation was $6.2 million in 2010, up 19.4 percent over the previous year.
Executive VP of marketing and communications Gary Ginsberg's total compensation package was worth $3.6 million for the nine months he was at the company. He started work at Time Warner from News Corp. in April. His predecessor, Edward Adler, who retired in July 2010, had compensation of $4.9 million in 2010.
The company's total ad sales increased by 10 percent over the previous year. Revenue increased 6 percent to $26.9 billion.