NEW YORK – Time Warner Inc. (NYSE: TWX) announced that its Board of Directors has elected Carlos M. Gutierrez as a Director, effective today. Mr. Gutierrez, 59, previously served as Chairman and CEO of Kellogg Company, U.S. Secretary of Commerce, and Vice Chairman of the Institutional Clients Group at Citigroup Inc. He currently serves as Vice Chairman of Albright Stonebridge Group.
Jeff Bewkes, Chairman and CEO of Time Warner, said: “Carlos is a great addition to our Board, bringing his experience as a successful and innovative business leader, as well as an invaluable perspective on international and domestic markets gained through his other roles, including serving as U.S. Secretary of Commerce. We look forward to benefiting from his sound business judgment and thoughtful viewpoints as we focus on continuing to increase value for Time Warner stockholders.”
Robert Clark, who chairs the Nominating and Governance Committee of the Time Warner Board, said: “When considering new Board members, we look for individuals who not only possess the required qualities of integrity, independent judgment, and business acumen, but also who add to the collective mix of experiences and perspectives that contribute to effective decision-making by our Board. Carlos’ personal qualities and his breadth of relevant experience make him a great fit for our Board. We’re delighted to welcome him.”
Mr. Gutierrez said “I’m honored to be joining Time Warner’s Board and am looking forward to working with such a distinguished management team and group of Directors. This is an exciting time to be in the media content business and at Time Warner in particular, and I’m thrilled to be part of it.”
With the election of Mr. Gutierrez, Time Warner’s Board now has 12 members, 11 of whom are independent. In addition to Messrs. Bewkes, Clark and Gutierrez, the members of Time Warner’s Board are James L. Barksdale, William P. Barr, Stephen F. Bollenbach, Mathias Döpfner, Jessica P. Einhorn, Fred Hassan, Kenneth J. Novack, Paul Wachter, and Deborah C. Wright.
About Carlos M. Gutierrez
Mr. Gutierrez served as the 35th U.S. Secretary of Commerce from February 2005 to January 2009, overseeing an agency with 38,000 employees and a $6.5 billion budget and, among other accomplishments, playing a key role in the approval of a landmark trade agreement that expanded opportunities in Latin America. Prior to his government service, Mr. Gutierrez was employed by Kellogg Company for nearly 30 years, becoming President and CEO of Kellogg Company in 1999 and then serving as its Chairman and CEO from April 2000 until February 2005. Mr. Gutierrez initially joined Kellogg in 1975 as a sales representative in Mexico, rising in the organization through assignments in Latin America, Canada, Asia, and the United States. He was the company’s youngest CEO in its history and he is credited with strategically focusing Kellogg’s businesses and strengthening its financial performance.
Mr. Gutierrez served as Citigroup Inc.’s Vice Chairman of the Institutional Clients Group and as a member of the Senior Strategic Advisory Group from January 2011 to February 2013. Mr. Gutierrez currently serves as Vice Chair of Albright Stonebridge Group, a global strategy firm.
Mr. Gutierrez currently serves on the Boards of MetLife, Inc. and Occidental Petroleum Corporation. He previously served as a Director of Corning Incorporated, United Technologies Corporation and Colgate-Palmolive Company.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in television networks, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.