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Time Warner: Effort To Separate CEO, Chairman Fails; Parsons May Leave; Way Cleared For Bewkes

By Joseph Weisenthal - Fri 16 May 2008 10:45 AM PST

It looks like Jeff Bewkes will get to be chairman of Time Warner (NYSE: TWX). At its annual meeting of shareholders today, a proposal to keep separate the roles of CEO and Chairman failed, with only 43 percent of votes cast in favor of the measure, according to Reuters. Meanwhile, sitting Chairman and former CEO Richard Parsons described the meeting as his “last shot at this” noting that he would soon be the outgoing chairman. This outcome is not a surprise, seeing as it was a key part of Bewkes’ contract: if he is not appointed chairman, he would have the right to resign with pay and without a non-compete.

Posted in: Companies, Time Warner