Jeff Bewkes got rid of that sucker called AOL (NYSE: AOL), so lets give him a big raise, says the Time Warner (NYSE: TWX) board. And so it is. According to an SEC filing late today, the compensation committee made the following changes to Time Warner Chaiman and CEO’s compensation package:
— an increase in his annual base salary from $1.75 million to $2.0 million,
— an increase in the target amount of his annual discretionary cash bonus from $8.5 million to $10.0 million,and
— an increase in the target value of his annual long-term incentive compensation from $8.5 million to $10.0 million.
The increase in salary is effective retroactively to January 1, 2010, and the other changes are effective beginning with the bonus and long-term incentives awarded for 2010.
Here’s the reasoning behind the increase:
” in recognition of, among other things, Time Warner