Phil Kent (pictured), chairman and CEO of Turner Broadcasting System, is set to be replaced by Time Warner CFO John K. Martin at the beginning of 2014.
Kent has led Turner – a U.S. cable company which includes truTV, TNT and CNN under its umbrella, and a Time Warner subsidiary – since 2003.
He will stay on as chairman and CEO until Martin makes the move to CEO in 2014, and will continue to serve as Turner’s chairman.
“Phil Kent’s exceptional leadership at Turner has driven much of Time Warner’s recent success,” said Time Warner chairman and CEO Jeff Bewkes.
“For the past decade, he has expertly guided the Turner networks through a period of rapid change, all the while building on each network’s leading position with viewers and advertisers and forging stronger relationships with distributors. At Phil’s initiation, he and I agreed that now is the right time to announce the next generation of leadership, and I am pleased that he will serve as chairman,” he added.
Martin, chief financial and administrative officer at Time Warner, starts his new role as Turner Broadcasting CEO on January 1, 2014. In his current role, he oversees all of Time Warner’s finances, mergers and acquisitions, launches of enterprise-wide services in IT, real estate, and facilities.
He has also served as EVP and chief financial officer of Time Warner Cable, and prior to that was senior vice president of investor relations for Time Warner.
“John is one of the most capable and strategically minded executives I know,” said Bewkes. “As CFO, he led the design and implementation of our financial strategy that has helped Time Warner deliver superior shareholder returns. But he is also a broad and thoughtful business thinker whose inclusive management style and focus on driving the business forward will fit well with the Turner tradition.”
Martin’s successor will be named by Time Warner in the weeks ahead.