Time Warner named John Martin as its new chief financial officer effective Jan. 1.
Martin will assume the role currently held by Wayne Pace, who will retire at the end of the year. Martin currently serves as executive vice president and CFO of Time Warner Cable.
Robert D. Marcus will succeed Martin as Time Warner Cable CFO. Marcus had been senior executive VP at the cable operator.
“John and I share an appreciation for how a CFO can help shape a company to generate incremental value for shareholders,” Time Warner president and CEO-designate Jeff Bewkes said in a statement. “John brings an invaluable combination of skills, experience and judgment to his new position. I look forward to working closely with John as we continue to navigate our way through a rapidly changing environment.”
Bewkes Monday was named as the successor to Dick Parsons as CEO of Time Warner as of Jan. 1. Parsons will remain the company’s chairman.
“I take great pride in my years at Time Warner and Time Warner Cable,” Martin, a 12-year veteran of Time Warner, said in a statement, “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.”
Marcus will retain the title of senior executive VP and continue to direct Time Warner Cable’s mergers and acquisitions, programming, human resources and business affairs, adding responsibility for all financial functions including accounting, financial planning and analysis, tax, treasury and investor relations.
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