Time Warner Execs Collect $10M in Performance Bonuses
Five top Time Warner executives received a total of more than $10 million in performance-based bonuses in 2006, according to a filing at the Securities and Exchange Commission (SEC).
The bonuses were tied to the financial performance of the company. Time Warner Cable revenues were up 34% in 2006, in part due to the acquisition of some of the Adelphia systems, and revenues were up 27%.
Topping the list was President/CEO Glenn Britt, who received $5,587,500 for total 2006 compensation of $9,475,890.
Next was Landel Hobbs, COO, who got more in bonuses than pay, with a $2,134,376 bonus for a total package of $3,660,498.
John Martin, CFO, and Robert Marcus, senior executive VP, got bonuses of $1,218,759 apiece, but Martin's total compensation was more, at $2,281.725 versus Marcus' $2,307,151.
Michael LaJoie, CTO, got a bonus of $646,620 for a total package of $1,446,157.
The maximum bonus to any one individual is $10 million.