11/6/2007 11:11:42 AM Time Warner Inc (TWX), a leading media and entertainment company, announced, on Tuesday, the appointment of John K. Martin as the new Executive Vice President and Chief Financial Officer of the company, with effect from January 1, 2008.
The New York based entertainment company stated that Martin will succeed Wayne H. Pace, who has announced of his intentions to retire from the services at the end of this calendar year.
Martin, a Certified Public Accountant with M.B.A. degree in Financial and Organizational Behavior from the Graduate School of Business at Columbia University and a B.S. in Economics from the Wharton School of Business at the University of Pennsylvania, is presently working as Executive Vice President and Chief Financial Officer of Time Warner Cable Inc. since August 2005. From January 1 next year, Martin will be returning back to the parent company, Time Warner, where he had spent 12 years in various capacities.
Following the departure of Martin to Time Warner, Robert Marcus, Senior Executive Vice President of Time Warner Cable, will handle the additional responsibilities of Chief Financial Officer of Time Warner Cable, until a permanent replacement for Martin is appointed in Time Warner Cable.
Commenting on the succession of Martin as the new Executive Vice President and Chief Financial Officer, Richard D Parsons, Chairman and CEO of the company said, “I have every confidence that John Martin, with whom I have worked for many years, will be a worthy successor to Wayne. John exemplifies the qualities and talents of a world-class CFO, and I am delighted with his appointment to this vital position.”
John Bewkes, President and CEO-designate of the company said, ““John brings an invaluable combination of skills, experience and judgment to his new position. In addition to his top-notch financial expertise and many accomplishments at Time Warner, John's enormous energy, determination and integrity have earned him great respect across our company and throughout the investment community.”
Wayne Pace, the outgoing CFO of the company said, “It has been a great honor to serve as Time Warner's CFO for the past six years. With its future in good hands, this company is well-positioned to take advantage of its future opportunities. I thank my colleagues for making these years at Time Warner so memorable, and I leave very proud of what we accomplished together.”
Accepting the new and challenging role of CFO of the company, Martin said, “I take great pride in my years at Time Warner and Time Warner Cable, and I'm gratified for this opportunity to work with Jeff and his senior management team to help lead this company. We're all committed to moving Time Warner forward and ready to do what's required to realize Time Warner's full potential and value for our shareholders.”
Martin has been appointed as Executive Vice President and Chief Financial Officer of Time Warner Cable in August 2005 with responsibilities for overseeing all areas of finance, accounting and treasury. Prior to the role of CFO in Time Warner Cable, Martin was associated with Time Warner since 1993, in a number of capacities including the position of Senior Vice President, Investor Relations.
The stock price of Time Warner is presently trading at $17.99, up 18 cents, or 1.07%, on a volume of 4.34 million shares.