ROBERT C. CLARK QUITS LAZARD BOARD TO STAY WITH TIME WARNER

Had to Choose After Icahn Hired Investment Firm to Oust TW Execs

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NEW YORK (AdAge.com) -- Robert C. Clark, a board member of both Time Warner and Lazard who found himself in an awkward spot after noted raider Carl C. Icahn hired Lazard to help oust Time Warner’s board, quit the Lazard board late this afternoon.

Robert C. Clark
In a statement released by Time Warner, Mr. Clark said, “I am very pleased to remain on Time Warner’s board and look forward to continuing to work with my fellow directors and management on behalf of the company’s shareholders.”

In a statement of its own, Lazard said, “While there was not and is not any conflict between professor Clark’s position on the boards of Lazard and Time Warner, we understand his decision, respect his integrity and thank him for his service for Lazard.”

Mr. Clark joined Lazard’s board May 10, a few days after shares in the newly public company began trading. He has written books and spoken often about corporate governance issues, including corporate conflicts of interest.

Lazard announced Nov. 29 that it had agreed to advise Mr. Icahn in his effort to replace most of Time Warner’s board of directors.

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