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MONDAY, NOVEMBER 23, 2009
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Parsons Set to Leave Time Warner

Media giant denies report; current No. 2 likely successor

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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.

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)
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)
Richard Parsons, Chairman & CEO of Time Warner, Inc.,is seen in Atlanta in this April 10, 2006 file photo. (AP Photo/John Amis, File)
Richard Parsons, Chairman & CEO of Time Warner, Inc.,is seen in Atlanta in this April 10, 2006 file photo. (AP Photo/John Amis, File)   (Associated Press)
CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago in this June 9, 2003 file photo. (AP Photo/Stephen J. Carrera, file)
CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago in this June 9, 2003 file photo. (AP Photo/Stephen J. Carrera, file)   (Associated Press)
Time Warner CEO Richard Parsons arrives at the AOL Time Warner center on Columbus Circle to attend its Grand Opening Gala, in New York, on Wednesday, February 4, 2004.
Time Warner CEO Richard Parsons arrives at the AOL Time Warner center on Columbus Circle to attend its Grand Opening Gala, in New York, on Wednesday, February 4, 2004.   (KRT Photos)
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