The Time Warner board elected CEO Jeff Bewkes to replace former CEO Richard Parsons as chairman yesterday. Bewkes will take the seat in January.
Parsons had already announced his intentions to relinquish the job, but hadn’t said when he would.
Time Warner (TWX) shares hit an all time low of $7 last month.
MarketWatch wonders if the timing has something to do with a Parsons’ role with the Obama administration. He’d been a member of Obama’s economic team during the transition.
It’s not likely, but one can hope being both the chairman and CEO will allow once-renowned dealmaker Bewkes to quit talking about and actually act on his plans to spin AOL out of the company and into Yahoo (YHOO).
Bewkes Babbles About AOL