Jeffrey Bewkes Named Time Warner CEO

NEW YORK, November 5: After weeks of speculation, Time
Warner has confirmed Jeffrey
Bewkes’ appointment as CEO, effective January 1, 2008, with Richard
Parsons remaining on as chairman of the company.

Bewkes has been the president and COO of Time Warner since
2006, and he was elected to the board of directors this year. Bewkes will
remain president of the company in his new role. As president and COO, he
oversees Time Inc., HBO, Turner Broadcasting, Warner Bros. and New Line Cinema,
Time Warner Cable and AOL. He was previously chairman of Time Warner’s
entertainment and networks group following several years as chairman and CEO of
HBO, which he first joined in 1986 as CFO following two years as an account
officer for Citibank.

Parsons has been CEO since May 2002 and chairman since May
2003. Announcing Parsons’ successor today, Robert C. Clark, the chairman of the
nominating and governance committee, on behalf of the board, noted: “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 said in today’s statement: “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. 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.”

Bewkes said of his new appointment, “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.”

—By Mansha Daswani