NEW YORK Time Warner Inc Chairman Richard
Parsons said he is likely to step down in the next year,
clearing the path for Chief Executive Jeffrey Bewkes to assume
During opening remarks at the media company's annual
shareholders meeting in Atlanta, Parsons told shareholders he
would be unlikely to still be its chairman by the time of the
2009 annual meeting.
"This is my last shot at this," Parsons said. "I will be
the outgoing chairman after this year, probably."
He added: "The company is sound. The problems we had when I
became CEO are behind us."
Time Warner Inc shareholders also approved the company's
slate of 12 directors at its annual meeting, but failed to
agree to a proposal to require that the roles of chairman and
chief executive be split, according to preliminary results, the
company said Friday.
About 43 percent of shareholders voted in favor of a
proposal to split the role of chairman and CEO.
Bewkes' employment contract lets him resign with a payout
should he not be elected chairman by January 1, 2009. He would
also not be bound by a non-compete agreement.
(Reporting by Kenneth Li; editing by Jeffrey Benkoe and
Gerald E. McCormick)