: Updated:Ted Turner will not seek re-election to the board of Time Warner, ending an era. Turner still owns 32 million shares of Time Warner stock, less than 1 percent of the company’s outstanding shares.
Last month, former AOL executive Miles Gilburne also said he would not seek re-election, leaving Time Warner with at least three spots to fill on its board at its annual company meeting, which is usually held in May.
Staci adds:Former U.S. Trade Rep. Carla Hills is leaving the board because of mandatory retirement age (72), which opens four spots. As per the settlement with Carl Icahn, TW Chairman Dick Parsons has agreed that at least two new nominees will be independents. `
– The LAT’s Sallie Hoffmeister calls Turner “one of the most visionary and dynamic media figures of the 20th century.” I’d forgotten that he was a Time “Man of the Year” — in 1992, a few years before the sale to Time Warner started the long erosion of his media power. It has been years since he could influence day-to-day operations at CNN or any of the other properties he brought to TW; this departure simply makes it official. Still, he refrained from joining forces with Icahn and has given Parsons his support although it’s far from effusive.
– More from the Washington Post.