Parsons Set to Leave Time Warner

Media giant denies report; current No. 2 likely successor
By Kevin Spak,  Newser Staff
Posted Oct 26, 2007 2:55 PM CDT
Richard Parsons, Chairman and Chief Executive officer of Time Warner arrives at the Time 100 gala, Tuesday, May 8, 2007 at the Time Warner Center in New York.(AP Photo/Stephen Chernin)   (Associated Press)
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(Newser) – Time Warner CEO Richard Parsons is about to announce his departure, sources tell the Times of London, and will hand the reins to current second banana Jeff Bewkes. In his 5-year-plus tenure, Parsons held together the media behemoth after the much-ballyhooed AOL merger went south. Bewkes is expected to shake up the structure, likely spinning off underperforming AOL.

Parsons’ tenure was marred by the conglomerate's flat stock price, which has hovered between $17 and $19 since AOL boss Steve Case was ousted in 2003. His contract expires in May, and the company had promised a decision on his future by year’s end, but sources now expect it to be well before that.