Although Time Warner CEO Jeff Bewkes made less last year than he did in 2014, he didn’t fare as badly as his shareholders in a period when company shares depreciated 22.9% after factoring in dividends.

Bewkes made $31.5 million, a 4.3% drop, according to the company proxy filed at the SEC. His package included: $2 million in salary, $7.9 million in stock awards, $8.0 million in option awards, $13.4 million in non-equity incentives, and $250,633 in other compensation.

The “other” category included $207,665 in personal benefits including personal use of the company jet plus a car and driver.

Time Warner’s net income, at $3.83 billion, was up 0.2% vs 2014 while revenues rose 2.8% to $28.1 billion.

In January Bewkes signed a new contract to keep him in the top job into 2020. It does not change his compensation. Bewkes has been Chairman and CEO since 2009 and signed his previous contract in late 2012.

The board says in the proxy that its Nominating Committee has been discussing succession plans and is “executing a process to select his successor prior to the end of the term of his employment agreement.”

Directors attribute the stock decline mostly to “concerns about long-term trends in the U.S. television industry” that affected all major media companies. Indeed, they say that “2015 was a successful year for Time Warner” as it “made significant progress on achieving its key long-term strategic objectives and delivered strong financial results despite the significant negative impact from foreign currency exchange rates.”

The annual shareholders’ meeting will be held in Burbank on June 17.

The Compensation Committee is chaired by former U.S. Attorney General William Barr. It also includes former Hilton Hotels CEO Stephen Bollenbach, Axel Soringer CEO Mathias Döpfner, Warburg Pincus Managing Director Fred Hassan, and Main Street Advisors CEO Paul Wachter.