Time Warner announced this afternoon that Jeff Bewkes, currently the company’s preisdent and COO, will be its next CEO, taking over from Richard Parsons, effective January 1, 2008.
Here’s the press release:
Time Warner Names Jeffrey L. Bewkes Chief Executive Officer, Succeeding Richard D. Parsons Who Remains Chairman
November 05, 2007
NEW YORK – Time Warner Inc. (NYSE:TWX) today announced that its Board of Directors has elected Jeffrey L. Bewkes as Chief Executive Officer of Time Warner Inc., effective January 1, 2008. Mr. Bewkes currently serves as President and Chief Operating Officer, and he will retain the title of President. Mr. Bewkes will succeed Richard D. Parsons as CEO, and Mr. Parsons will remain as Chairman of the Board.
“Dick Parsons has done an outstanding job during his tenure as Chief Executive Officer,” said Robert C. Clark, Chairman of the Nominating and Governance Committee, on behalf of the Board. “The Board is grateful for Dick’s exceptional leadership in turning this Company around and putting it on a solid foundation for the future. We look forward to working with Jeff Bewkes as he assumes the leadership of Time Warner going forward.”
Mr. Clark continued: “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. The Board is delighted that Jeff Bewkes will be the next CEO and that Dick Parsons will continue to serve as Chairman of the Board.”
“Jeff is the right person to be the next CEO of Time Warner, and I couldn’t be more delighted that he will lead this Company into the future,” Mr. Parsons said. “Jeff is a well-respected business executive both inside and outside the Company. His results-oriented management style and deep industry knowledge will be invaluable as he drives growth at Time Warner. Throughout his career, Jeff has demonstrated the capacity to generate industry-leading performances at our businesses, whether measured in terms of financial, operational or creative successes. We have had a terrific working partnership, and I am proud of what we accomplished together. As he leads Time Warner, Jeff will have my full support, and I am confident that Jeff will deliver a new era of growth for all of our Company’s important stakeholders.”
“I am honored to become the CEO of Time Warner and to follow a leader like Dick Parsons,” said Mr. Bewkes. “I welcome this opportunity to work with my colleagues and the Board to lead this Company successfully into the future. We have a lot to do, and I’m intensely focused on building shareholder value. Everyone at Time Warner owes Dick a debt of gratitude for his leadership as CEO over the last five years. Dick accomplished much to restore Time Warner’s stature as the world’s leading media and entertainment company, and he put into place the foundation and flexibility for our future growth. I have been privileged to work with Dick over these many years, and I look forward to benefiting from our close relationship as he continues to serve as Chairman of the Board.”