Turner Renews Contract with AOL Time Warner

24 December 2001

Ending months of ‘will he, won’t he?’ hypotheses Ted Turner has decided to remain as vice chairman of media colossus AOL Time Warner for a further two years. His contract was due to expire at the end of this month.

Turner (63), who personally holds around 45 of AOL TW stock valued at around $4.3 billion, is the group’s largest individual shareholder. Through the course of this year Turner has not minced his words in his public criticisms of the group and its board – especially the soon-to-retire chief executive Gerald Levin who, Turner alleged, had stripped him of his operational duties within the group.

Levin’s imminent standdown is thought to be a decisive factor in Turner’s decision to stay, as has the publicly stated desire of Levin’s successor designate – joint-chief operating officer Richard Parsons – that Turner remain on the group’s board.

News source: Financial Times