Jeffrey Bewkes Named Next Time Warner CEO

NEW YORK — Time Warner Inc. said Monday that CEO Richard Parsons will step down at the end of the year and hand the reins of the world's largest media company to Jeffrey Bewkes, the chief operating officer and a former head of the HBO cable network.

Bewkes, long considered Parson's heir apparent, said he would work to improve growth at the company, which has broad holdings, including networks CNN and TNT, Web portal AOL, Time Warner Cable and the Warner Bros. film studio.

"We have a lot to do," Bewkes said. "I'm intensely focused on building shareholder value."

Wall Street has focused its expectations for the company on Bewkes, hoping he will reinvigorate Time Warner's stagnant stock. Many expect him to slim down the conglomerate and lead with a tougher approach.

Bewkes, who takes over Jan. 1, was scheduled to discuss more of his views during a speech at a media industry conference on Wednesday, the same day New York-based Time Warner announces its third-quarter financial results.

Parsons, who will stay on as chairman of the board, spent much of his five years in charge trying to restore the company after AOL acquired Time Warner in 2001 in a disastrous merger.

Under Parsons' watch, the company settled shareholder lawsuits and federal investigations stemming from the merger and reduced debt, selling off businesses including Warner Music Group.

Parsons also deflected a challenge from billionaire investor Carl Icahn, who last year sought to overthrow the board and break up the company.

Parsons praised Bewkes as the right person to be CEO.

"Jeff is a well-respected business executive both inside and outside the company," Parsons said. "His results-oriented management style and deep industry knowledge will be invaluable as he drives growth at Time Warner."

Bewkes, 55, has been president and chief operating officer since last year, overseeing operations at properties including Turner Broadcasting, Warner Bros., New Line Cinema, Time Warner Cable, AOL and the Time Inc. magazine family.

Before that, he led the company's entertainment and networks group.

Bewkes is highly regarded from his seven years leading HBO, which he built into a profitable and leading media brand that produced original programming such as "The Sopranos" and "Sex and the City."

Bewkes is a graduate of Yale University and the Stanford Graduate School of Business.

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