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TWX > SEC Filings for TWX > Form 8-K on 26-Jul-2013All Recent SEC Filings

Show all filings for TIME WARNER INC.



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 22, 2013, Time Warner Inc. (the "Company") announced that Howard M. Averill, age 49, will serve as Executive Vice President and Chief Financial Officer of the Company beginning January 1, 2014. Mr. Averill will serve as the Company's Deputy Chief Financial Officer from September 2013 through the end of the year. Mr. Averill is succeeding John K. Martin, Jr., who will become Chief Executive Officer of Turner Broadcasting System, Inc., a wholly-owned subsidiary of the Company ("Turner"), beginning January 1, 2014.

Mr. Averill currently is the Executive Vice President, Chief Financial Officer, of Time Inc., a wholly-owned subsidiary of the Company, and has held that position since 2007. For a 10-month period in 2011, he was part of a three-member executive team that led Time Inc. Prior to joining Time Inc., he served as Executive Vice President and Chief Financial Officer at NBC Universal Television. Previous to his 10 years at NBC Universal, Mr. Averill was an executive at ITT/Sheraton Corporation and also held positions with Pepsi-Cola Company and Arthur Andersen & Co.

Mr. Averill's daughter, Kimberly Kuwata, is employed in an advertising sales position at a subsidiary of Turner. Ms. Kuwata has been employed by Turner since 2008 and her 2012 compensation, including salary, bonus and commissions, was approximately $140,000.

The compensatory arrangements for Mr. Averill's service as Executive Vice President and Chief Financial Officer of the Company have not yet been determined.

The press release issued on July 22, 2013 announcing Mr. Averill's appointment is attached as Exhibit 99.1 to this report.

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