Warner CEO’s pay up even as stock falls

Time Warner Inc. Chief Executive Jeffrey Bewkes was paid $19.6 million last year, a 4.9% increase, as the company’s stock declined 24%.

Chairman Richard Parsons, who gave up the CEO role during the year, was paid less. His total compensation dropped to $18.6 million from $22.5 million, the company said Friday in a filing with the Securities and Exchange Commission.

Bewkes, named CEO on Nov. 5 after two years as president and chief operating officer, is considering selling assets, including publications and the AOL network. The New York-based company has been hurt by declines in its publishing and AOL Internet businesses.

Bewkes’ compensation included $1.25 million in salary, a $7-million bonus, $7.33 million in stock awards and $3.9 million in stock options, according to the filing.