Bewkes to Succeed Parsons as Time Warner Chairman

NEW
YORK, December 12: Jeffrey Bewkes, the president and CEO
of Time Warner, is succeeding Richard D. Parsons as the chairman of the
board of the company, effective January 1, 2009.

Bewkes
will continue to serve as the company's CEO after taking over from Parsons, who
is stepping down effective the end of this year. Bewkes replaced Parsons as CEO
of Time Warner at the beginning of 2008.

On
his new appointment, Bewkes said: "I'll continue to work closely with the
board and our senior management team to execute our company's strategy of
providing compelling, branded media content to audiences around the world,
while delivering superior growth and returns to our stockholders."

Parsons
said of his successor: "Our board of directors could have made no better
choice than Jeff Bewkes as chairman and CEO. He has the vision, experience and
dedication to lead this company in the years ahead."

—By
Mansha Daswani