Every Time Warner executive named in its 2016 proxy, out today, saw a big, double-digit raise in their compensation last year with one exception: CEO Jeff Bewkes. He was only up 3.6%, but to a still-humongous $32.6 million.
The board gave him credit for everything from arranging the $85 billion sale of Time Warner to AT&T, to the success of Full Frontal With Samantha Bee. He did so well in directors’ eyes that they awarded him 147% of his target bonus — 145% for the 70% related to the company’s performance, and 150% for the remainder tied to his individual work.
But that wasn’t much different than in 2015.
Bewkes’ latest package included $2 million salary, $7.75 million in stock awards, $7.98 million in option awards, $14.65 million in non-equity incentices, $26,640 change in his pension value, and $203,873 in other compensation. More than half of the last category was for his personal use of the company jet.
Others received bigger raises in percentage terms because in October — as part of the AT&T deal — they were handed restricted stock units worth twice their target long term incentives as incentives to stay.
But Bewkes won’t be left out: He received his RSUs in February, which means they won’t show up until next year — assuming he’s one of the five top executives at AT&T and makes it into the company proxy. He’s “not expected to be granted equity awards in 2018,” Time Warner says.
Shareholders at the annual meeting on June 15 in Burbank will have a chance to offer their views on the compensation in an advisory vote.