Bewkes Replaces Parsons as CEO of Time Warner6 Nov, 2007 By: Erik Gruenwedel
Time Warner Inc. has named Jeffrey Bewkes CEO, replacing Dick Parsons, who remains chairman of the board.
Bewkes, who was CEO of HBO for seven years before becoming president and COO of Time Warner in 2006, retains his president position.
Time Warner is parent to Warner Bros. Home Entertainment Group and unit Warner Home Video.
The change in leadership had been in the works since last year when Parsons approached the board about a CEO succession plan.
Bewkes and Parsons are on the same page regarding Time Warner Cable's strategy to supplant home video rental with video-on-demand movie releases the same day as the DVD release.
Parsons has publicly derided the home video rental business model, claiming the studios earn less than 20 cents for every rental dollar earned.
In fact, the former CEO didn't mince words last summer when he told investors in London it would be “a cold day in hell” before he frequented a video rental store.
Separately, Time Warner announced the appointment of John Martin to the position of EVP and CFO, replacing Wayne Pace who plans to retire at the end of the year.
Martin was CFO with Time Warner Cable, which announced the appointment Rob Marcus to the position.
Time Warner and Time Warner Cable announce third quarter results Nov. 7.