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Time Warner announces board of directors for Time
MUMBAI: US media conglomerate Time Warner has announced the initial 10 members who will be appointed to Time’s board of directors in connection with the planned spin-off of its publishing division. In March 2013, Time Warner had announced plans for the legal and structural separation of Time from Time Warner through a spin-off.
Following the separation, expected to be completed during the second quarter of 2014, Time will be an independent, publicly traded company. Current Time Inc. CEO Joseph A. Ripp will become chairman of the board, and the other nine members will be independent directors.
The other Board members include:
Sony former chairman, president and CEO Sir Howard Stringer
Slipstream Communications chairman, CEO David A. Bell
National Geographic Society non-executive chairman, former CEO John M. Fahey
Sysco former executive chairman Manuel A. Fernandez
Robert R. McCormick Foundation Chairman Dennis J. FitzSimons
McKinsey senior advisor Betsy D. Holden
Koplovitz and Company chairman, CEO Kay Koplovitz
Time Warner chairman, CEO Jeff Bewkes said, “We have recruited a roster of world-class business leaders who are extremely committed to Time Inc.’s success. These are highly respected executives known for their leadership, integrity, entrepreneurial drive, and deep strategic, operational and technical expertise. Collectively, they provide a wealth of experience in publishing, electronic media, advertising, consumer-facing businesses, and technology that is vital for Time Inc.’s future.
“As we seek to increase shareholder value for the new Time Inc., I am confident this Board will provide sound independent judgment and guidance to the management team as it works to build and grow the business.”
Ripp commented, “I am honoured to lead such an outstanding board of directors that shares my commitment and enthusiasm. Their wide range of experience across so many related businesses is going to help lay the foundation for our future. Attracting a board of this caliber illustrates the potential of the organization and our brands. The Board will play a critical role in driving our success and stewarding shareholder capital.”