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Time Warner Names Averill New CFO

Succeeds Martin, who was named CEO of Turner Broadcasting 7/22/2013 10:45:39 AM Eastern

Time Warner has named Howard Averill to be its new CFO
effective Jan. 1, 2014, when
current CFO John Martin becomes CEO
of the company's Turner Broadcasting
System unit.

Averill is CFO of Time Warner's Time Inc. magazine
publishing unit, which is being spun off. He also oversees Time Inc.'s consumer
marketing businesses.

"Howard has been an exemplary leader and a stabilizing force
at Time Inc., through a period of tremendous change," Time Warner CEO Jeff
Bewkes said in a statement. "His financial acumen, sound judgment and broad
understanding of our businesses will be an asset to Time Warner's management
team and our company."

Before joining Time Inc. in 2007, Averill was executive VP
and CFP at NBC Universal Television. Prior to that he was with ITT/Sheraton,
Pepsi-Cola Co. and Arthur Andersen & Co.

Last
week, Martin was named to succeed Phil Kent as CEO of Turner. Kent will
continue as chairman of the company into 2014.

Time Warner also announced on Monday that former
Time Warner executive Joseph A. Ripp will return to the company as CEO of Time
Inc. to replace Laura Lang, who, according to Time Warner, told the company
that she did not want to continue in the role following the spin-off. 

November

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