Time Warner CEO Dick Parsons yesterday named Jeff Bewkes president and COO of the media giant, saying he expected the 57-year-old executive to eventually succeed him. Bewkes, along with Don Logan,
who said yesterday that he was retiring, had served for the last three years as one of Parsons' top lieutenants, helping the company emerge from the disaster that was the merger with AOL. Before
rising to his current position, Bewkes headed Time Warner's HBO division, where he was widely perceived as a talented executive and leading candidate for promotion at Time Warner. Yesterday's
announcement by Parsons therefore did not surprise anyone; Bewkes has been considered his most likely heir for some time. That the decision came at a moment when Time Warner is once again being
challenged by investors--led by Carl Icahn--and the markets, possibly reflects Parsons' determination to underscore his confidence in his team and the corporate strategy they have chosen to follow.
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