Posted Nov. 5, 2007 - After a series of rumors and rumblings a week earlier, Time Warner CEO Richard Parsons has made it official, stepping down from his position. He will retain his title as Chairman. Former HBO executive Jeff Bewkes will take over as CEO, effective January 1.
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Robert Clark, Chairman of the board's nomination and governace committee said, "Today's decision is the culmination of a thoughtful and disciplined process that began in early 2006, when Dick Parsons initially approached the Board to discuss the timetable for the CEO succession."
Parsons pledge to work with Bewkes moving forward calling him "the right person to lead the company." "He will have my full support and I am confident that Jeff will deliver a new era of groth for all of our Company's important stakeholders."
This past Friday, the Times of London reported on it's website that Time Warner would move Bewkes succession up sooner than later. The idea was to make the announcement before November 7, when third-quarter earnings are scheduled for release. Like this week's numbers from No. 1 cable operator Comcast, Time Warner's results may reflect some worrying news about Time Warner Cable, the nation's No. 2 cable operator and Time Warner's largest businesses.