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Time Warner's New CEO Starts Shaking Up Management

Jeff Bewkes, the incoming CEO of Time Warner, on Tuesday named John K. Martin to be chief financial officer beginning Jan. 1, the same time Bewkes himself will take command of the media conglomerate.

Jeffrey Bewkes
Jeffrey Bewkes

Martin had most recently been chief financial officer of Time Warner Cable, one of the largest business units of Time Warner and the second-largest cable company in the country after Comcast.

Martin, who is 40 years old, succeeds Wayne Pace, 61 years old, who is retiring at the end of the year.

The announcement came a day after Time Warner formally announced Bewkes' long-anticipated appointment as the next CEO of Time Warner, succeeding Dick Parsons, who is staying on as chairman. Parsons is 59; Bewkes is 55.

Time Warner is the world's largest media conglomerate, with operations in cable TV, magazines, movie and TV production, and cable networks including HBO, CNN and TBS. It also owns AOL.

Investors are hoping Bewkes will take action to revive the company's moribund stock price, which is still trading at about the same level it was five years ago, when Parsons took over in the wake of the company's disastrous merger with AOL. That deal resulted in shareholder lawsuits over fraudulent accounting at AOL, a management purge and multibillion dollar writedowns.

Time Warner shares rose 9 cents to $17.90 in morning trading Tuesday. They have traded in a range of $17.60 to $23.15 over the past 52 weeks.