TimeWarner Exhibit 99.1
NEWS
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For Immediate Release
MOTOROLA CHAIRMAN AND CEO EDWARD ZANDER
AND TIME WARNER PRESIDENT AND COO JEFFREY BEWKES
TO JOIN TIME WARNER'S BOARD OF DIRECTORS
NEW YORK, January 25, 2007 - Time Warner Inc. (NYSE: TWX) announced that its
Board of Directors has elected Edward J. Zander and Jeffrey L. Bewkes to join
the Board, effective today.
Mr. Zander is Chairman of the Board and Chief Executive Officer of Motorola,
Inc. Mr. Bewkes is Time Warner's President and Chief Operating Officer.
Dick Parsons, Chairman and CEO of Time Warner, said: "Ed Zander is a smart,
seasoned Fortune 100 CEO with nearly 30 years of experience in the
communications and technology industries. In addition to enhancing our Board's
independence, Ed brings recognized expertise in mobile and broadband
communications, which are among the key areas of growth and opportunity for our
company. I'm confident he'll be a great contributor to our Board."
Mr. Parsons added: "Jeff Bewkes has been a highly effective partner as we've
worked together in turning Time Warner around and setting it firmly on a path of
sustainable growth. As COO, Jeff's been a superb leader of our businesses,
driving the AOL transition, encouraging superior performance across the company,
and working to realize our full potential, especially in the advancement of our
digital capabilities. His intimate knowledge of our company and industry, along
with his intelligence, energy and character, will make him a valuable addition
to our Board. Jeff and I share great confidence in Time Warner's prospects, and
I look forward to continuing to work with him and the rest of our Board in
guiding our company into the future."
Robert C. Clark, who chairs the Time Warner Board's Nominating and Governance
Committee, said: "The Board of Directors has sought to enhance the breadth and
depth of experience on our Board in a number of important areas, so we're very
pleased to welcome Ed Zander and Jeff Bewkes as new Directors. Both are widely
respected business leaders with solid records of achievement. Ed brings valuable
experience in consumer technology and communications to our Board, while Jeff is
an exceptional media executive with a keen understanding of Time Warner's
businesses and their potential."
Mr. Zander said: "I'm honored to have this opportunity to serve on the Board of
this great company and to work alongside its distinguished Board members in
helping maximize long-term value for Time Warner's stockholders."
Mr. Bewkes said: "I appreciate the confidence of Dick and the Board, and I'm
pleased to be able to contribute to Time Warner's success in this new role. Our
entire management team has been focused on building the value of this company
for the long term, and I look forward to continuing that effort with Dick and
the Board as we move forward together."
With the election of Messrs. Zander and Bewkes, Time Warner's Board now has 14
members, six of whom have joined the Board since January 2004. The other members
of Time Warner's Board are Richard D. Parsons, James L. Barksdale, Stephen F.
Bollenbach, Frank J. Caufield, Robert C. Clark, Mathias Dopfner, Jessica P.
Einhorn, Reuben Mark, Michael A. Miles, Kenneth J. Novack, Francis T. Vincent,
Jr. and Deborah C. Wright.
About Edward J. Zander
Since becoming Motorola's Chairman of the Board and Chief Executive Officer in
January 2004, Mr. Zander, 60, has successfully reorganized the company, overseen
the introduction of exciting new products and sharpened Motorola's focus on
innovation and operational efficiency. He entered his position with over 25
years of experience in the technology industry.
Prior to joining Motorola, Mr. Zander was a Managing Director of Silver Lake
Partners, a leading private equity fund focused on investments in technology
industries. Before that, he served as President and Chief Operating Officer of
Sun Microsystems until June 2002. During his tenure, Mr. Zander grew Sun to $18
billion in annual revenues, established it as the number-one company in the
server market and built it into the pre-eminent supplier of network
infrastructure. Earlier, he served as President of Sun's software group. Prior
to joining Sun in 1987, he held senior management positions at Apollo Computer
and Data General.
An active member of the civic and business communities, Mr. Zander serves as
Chairman of the Technology CEO Council, as a member of the Dean's Advisory
Council of the School of Management at Boston University and as a director of
Netezza Corporation, The Art Institute of Chicago and After School Matters,
Chicago. He recently served on the board of directors for the Jason Foundation
for Education.
Mr. Zander received a bachelor of science degree in electrical engineering from
Rensselaer Polytechnic Institute and a master's degree in business
administration and an honorary Ph.D. from Boston University.
About Jeffrey L. Bewkes
Mr. Bewkes, 54, was named President and Chief Operating Officer of Time Warner
Inc. in December 2005. In this position, he oversees Time Inc., HBO, Turner
Broadcasting (CNN, TNT, TBS, Cartoon Network), Warner Bros. and New Line Cinema,
Time Warner Cable and AOL.
Before assuming his current position, Mr. Bewkes was Chairman of Time Warner's
Entertainment and Networks Group since 2002. Before that, he was Chairman and
CEO of HBO since 1995, having been President/COO from 1991 and CFO for the
preceding five
years. Before joining HBO, Mr. Bewkes served for two years as an account officer
for Citibank, NA, in New York.
Mr. Bewkes serves on the board of trustees for Yale University and the Museum of
the Moving Image and on the advisory boards for Stanford Graduate School of
Business, the American Museum of Natural History, The Creative Coalition and the
Museum of Television and Radio.
Mr. Bewkes has a BA degree from Yale University and an MBA degree from Stanford
Graduate School of Business.
About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses
include interactive services, cable systems, filmed entertainment, television
networks and publishing.
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Contacts:
Edward Adler
(212) 484-6630
Keith Cocozza
(212) 484-7482