Time Warner Inc. has appointed John Martin as executive vice president and chief financial officer, effective with the new year. Martin, who had been serving in the same roles for Time Warner Cable, succeeds Wayne Pace, who will retire at year-end, at the parent company.
News of Martin’s elevation comes the day after the announcement that Time Warner chairman and CEO Richard Parsons would be handing off leadership at the media giant to Jeff Bewkes, also effective Jan. 1.
Joining Time Warner Cable during August 2005 in his current role, Martin was responsible for all areas of the operator’s finance, accounting and treasury disciplines. With a stop as director in the equity research group at ABN AMRO Securities LLC from 2000 to 2002 in between, Martin had spent nearly 12 years with Time Warner, where he served, among other positions, as senior vice president, investor relations. Among his other duties at the company: Martin served as director in the Office of the President, where he provided financial advice to the company and Parsons.
“John and I share an appreciation for how a CFO can help shape a company to generate incremental value for shareholders,” said Time Warner president and CEO-designate Bewkes in a statement. “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. I look forward to working closely with John as we continue to navigate our way through a rapidly changing environment.”
For his part, Martin's stated: “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.”
Parsons lauded the departing CFO for a job well done, while complimenting Martin's performance to date. “With Jeff and the rest of us at Time Warner, I thank Wayne Pace for his many important contributions over the past six years and wish him all the best during his well-deserved retirement. Wayne’s integrity, judgment and financial acumen played a critical role in stabilizing the company, strengthening our balance sheet and tightening the company’s financial discipline," Parsons said in a statement. "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.”
Noted Pace: “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.”
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