Time Warner Names Bewkes New CEO

President of lagging media giant promoted; Parsons still chairman
By Sam Gale Rosen,  Newser Staff
Posted Nov 5, 2007 3:26 PM CST
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)
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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.