Time Warner chief steps up as chairman

Time Warner chief executive Jeffrey Bewkes is expanding his role within the media group to take on the additional responsibility of chairman. He will take over from Richard Parsons who will step down at the end of the month.

Bewkes became chief executive in January under the contractual understanding that he could retire if he was not also appointed as chairman within one year.

He says talks for a potential deal between the company’s internet arm AOL with either Google, Yahoo! or Microsoft are “ongoing”, while a move to split off its Time Warner Cable division is expected in early 2009.

Parsons has been on the board since 2002 and is an economic advisor to US President-Elect Barack Obama, who has hinted that he may appoint some of his advisors to more full-time roles when he moves into the White House.

Parsons may, however, also be in the running to replace Citigroup chairman Win Bischoff.

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