Time Warner Announces Executive Changes in Finance Group

Edward Ruggiero Appointed Senior Vice President and Treasurer

James Burtson, Senior Vice President, Investor Relations, Assumes New Role

Douglas Shapiro Becomes Head of Investor Relations



NEW YORK – Time Warner Inc.’s Executive Vice President and Chief Financial Officer John Martin announced today changes in the management and structure of the company’s finance group, including several executive appointments.

In making the announcement, Mr. Martin said: “These changes will help our finance group work more effectively with our businesses to pursue growth opportunities, maximize our performance and create value for our shareholders. I’m especially pleased that today’s appointments come from within our company, reflecting the impressive talent and management depth we have at Time Warner.”

Edward Ruggiero, currently Senior Vice President, Corporate Finance at Time Warner, has been elected Senior Vice President and Treasurer, reporting to Mr. Martin. Mr. Ruggiero succeeds Raymond Murphy, who is retiring. In his new role, Mr. Ruggiero will oversee the company’s worldwide treasury activities, including capital markets, bank relations, cash management, project finance, real estate finance and risk management.

Mr. Martin said: “Ed is simply a world-class finance executive. His extraordinary financial skills, in-depth understanding of our treasury function and broad knowledge of our businesses make him ideally suited to take on this key position.”

Mr. Martin added: “During the past eight years, Ray Murphy has skillfully guided our company’s treasury activities. His judgment, integrity and financial skills have played a vital role in helping strengthen Time Warner’s relationships with leading financial institutions and our position in the capital markets. We deeply appreciate his distinguished service to our company and wish him all the best in his retirement.”

James Burtson, currently Time Warner’s Senior Vice President, Investor Relations, has been named to a new position as Senior Vice President, reporting to Mr. Martin, with responsibility for overseeing Time Warner’s mergers and acquisitions efforts as well as working closely with Mr. Martin to develop the optimal capital allocation strategies for the company.

Mr. Martin said: “In a particularly challenging market environment for media companies, Jim has done an outstanding job stewarding our investor relations initiatives. He’s been a key participant in both shaping and communicating our business strategy to the investment community. He’s also already played a significant role in many of our company’s transactions and strategic initiatives. I know he’ll make increasingly important contributions to Time Warner in his new position.”

Douglas Shapiro, who joined Time Warner in 2007 as Vice President, Investor Relations, succeeds Mr. Burtson as head of Time Warner’s investor relations group. Reporting to Mr. Martin, Mr. Shapiro will serve as the company’s principal day-to-day contact with the investment community. Before joining Time Warner, Mr. Shapiro was Managing Director, Senior Analyst and Head of Media-Telecom Research at Banc of America Securities.

Mr. Martin said: “Doug is highly respected within the investment community. He knows our businesses and has already been instrumental in delivering our company’s key messages and outlook to Wall Street. I’m confident he’ll be a valued senior member of the finance team as well as an effective leader of our IR efforts.”

Background on Mr. Ruggiero
As Senior Vice President, Corporate Finance at Time Warner, Mr. Ruggiero has been responsible for the planning and management of the company’s overall capital structure and financial risk position. He joined the company in 1996.

Before joining Time Warner, Mr. Ruggiero was Executive Vice President – Corporate Finance and Strategy for The Dime Savings Bank of New York, FSB. During his 14 years with the Dime, he served in various management capacities, including Controller, Chief Planning and Compliance Officer, and Chief Operating Officer of its mortgage banking subsidiary.

Mr. Ruggiero joined the Dime in 1982 after four years with The New York Bank for Savings, where he was Comptroller. Prior to joining The New York Bank for Savings, he was with the accounting firm of Ernst & Young.

Mr. Ruggiero serves as a Director on the Board of Carver Bancorp. He graduated from St. John’s University with a B.S. degree in accounting.

Background on Mr. Burtson
Under Mr. Burtson’s leadership, Time Warner had the highest-ranked investor relations program in the media sector in 2005 and 2006, according to Institutional Investor magazine. In 2006, Time Warner was one of only six companies named by Institutional Investor on its inaugural list of Most Shareholder Friendly Companies.

Prior to re-joining Time Warner in 2002, Mr. Burtson spent three years at Clear Channel Communications, where he served as Vice President of Strategic Development and CFO of the company’s online efforts. From 1996 to 1998, he worked for J.P. Morgan as an investment banker specializing in mergers and acquisitions. Mr. Burtson began his career at Time Warner in 1994 as a financial analyst in corporate finance and M&A.

Mr. Burtson received an M.B.A. degree in finance from the Graduate School of Business at Columbia University and a B.A. degree in history from Columbia College.

Background on Mr. Shapiro
As a senior analyst at Banc of America Securities from 1999 to 2007, Mr. Shapiro covered the Cable and Satellite TV and Media Conglomerate sectors. He was ranked as one of the top Cable and Satellite analysts by Institutional Investor magazine since 1997. Before joining Banc of America Securities, he was a senior analyst at Deutsche Banc Securities, where he covered the Cable and Satellite sectors.

Mr. Shapiro received a B.A. degree in economics from the University of Michigan. He holds the Chartered Financial Analyst designation.