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WEDNESDAY, NOVEMBER 25, 2009
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Time Warner Names Bewkes New CEO

President of lagging media giant promoted; Parsons still chairman

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(Newser) – Time Warner named Jeff Bewkes its new CEO today, effective Jan. 1, reports the Wall Street Journal. Bewkes, currently the president, will take over from outgoing CEO Richard Parsons, who will remain chairman of the struggling media giant. "We have a lot to do, and I'm intensely focused on shareholder value," said Bewkes.

Though Wall Street isn't anticipating immediate upheaval, Bewkes is expected to explore breaking up some of the company's many divisions and divesting others. He's guided the revamping of the AOL unit and "needs to continue to execute," a portfolio manager told Bloomberg. Shares were up 1.3% this afternoon on the announcement.

Richard Parsons, the chairman and outgoing CEO of Time Warner Inc., in this April 10, 2006 file photo. Time Warner's contract with Parsons, 59, is up in May 2008. (AP Photo/John Amis, File)
Richard Parsons, the chairman and outgoing CEO of Time Warner Inc., in this April 10, 2006 file photo. Time Warner's contract with Parsons, 59, is up in May 2008. (AP Photo/John Amis, File)   (Associated Press)
Time Warner's newly-appointed CEO Jeffrey Bewkes, with Leslie Moonves.
Time Warner's newly-appointed CEO Jeffrey Bewkes, with Leslie Moonves.   (Getty Images)
In this Friday, Oct. 5, 2007 photo, Jeffrey Bewkes, President and Chief Operating Officer, Time Warner attends the New Line Cinema 40th Anniversary Gala to benefit The Film Society of Lincoln Center in New York. Dick Parsons will depart as CEO of Time Warner Inc. at the end of the...
In this Friday, Oct. 5, 2007 photo, Jeffrey Bewkes, President and Chief Operating Officer, Time Warner attends the New Line Cinema 40th Anniversary Gala to benefit The Film Society of Lincoln Center in...   (Associated Press)
In this photo provided by HBO, HBO CEO Bill Nelson, left, Michael Fuchs, and Time Warner vice president Jeff Bewkes, right, attend a ceremony to dedicate a theater in honor of Fuchs at the HBO corporate offices in New York, Monday, June 11, 2007. (AP Photo/HBO, Dave Allocca)
In this photo provided by HBO, HBO CEO Bill Nelson, left, Michael Fuchs, and Time Warner vice president Jeff Bewkes, right, attend a ceremony to dedicate a theater in honor of Fuchs at the HBO corporate...   (Associated Press)
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Read Time Warner's statement
Wall Street Journal

Bewkes' bio on Time Warner's site
timewarner.com


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