Robert C. Clark, a director on the board of Time Warner Inc., is stepping down from the board of Paris-based Lazard Ltd. after the investment bank accepted an assignment from financier Carl Icahn to study a breakup plan for Time Warner.
Time Warner released a short statement late Tuesday saying it respected Clark's decision and was "honored" that he would remain on its board.
Lazard's agreement to advise Icahn on his campaign against Time Warner's management raised eyebrows among investors after it became clear that Clark, a former dean of the Harvard Law School, served on the boards of both companies.
Icahn has been agitating for changes at Time Warner, and has said he wants to nominate his own slate of directors at the company's next annual meeting. He is pushing for an even larger stock buyback than the $12.5 billion (Ђ10.6 billion) program the company is currently planning, as well as a complete spinoff of the company's cable TV business, reported AP. P.T.