Time Warner: EffortTo Separate CEO, Chairman Fails; Parsons Talks Of Leaving; Way Cleared For Bewkes
This story was written by Joseph Weisenthal.
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.
By Joseph Weisenthal