Time Warner (TWX) chairman Dick Parsons will be stepping down next year. A proposal that could have kept him on board — it would have required TWX to split the CEO and chairman roles between two people — failed when only 43% of shareholders voted for it, according to Reuters.
This clears the way for Jeff Bewkes to assume both titles; Bewkes’ employment agreement lets him resign with a payout if he isn’t named chairman by January 1, 2009. He also wouldn’t be bound by a non-compete agreement.
That’s it for the boardroom maneuvers. The real question: What is Bewkes going to do with AOL?