P. M. BRIEFING : Munro to Leave Time Warner
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NEW YORK — J. Richard Munro, who led publishing giant Time Inc. into a combination with entertainment powerhouse Warner Communications Inc., said today he is stepping down as co-chairman and co-chief executive of Time Warner Inc.
The announcement, which came at the annual shareholders’ meeting of the world’s biggest media and entertainment concern, came as no surprise.
When Time and Warner announced last year that they planned to merge, Munro said he planned to stay on for only a short time to share the chairman and chief executive posts with Warner boss Steven J. Ross.
As part of his employment contract, Munro also had a powerful incentive to step down. He is eligible for deferred compensation of nearly $4.3 million if he retires on or before May 31.
His departure, effective Wednesday, automatically elevates Nicholas J. Nicholas, president of Time Warner, into the post of co-chief executive with Ross. Nicholas, 50, is expected to become the sole chief executive on Ross’s retirement from that post in July, 1994.
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