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MUMBAI:
Jeffrey Bewkes has been elected as the chairman of Time Warner's
board, effective 1 January.
Bewkes
succeeds Richard Parsons who has decided to step down as chairman
on 31 December. Bewkes currently is Time Warner's president
and CEO as well as a director, and he will continue to serve
as CEO in addition to becoming chairman.
Bewkes says, "I am honoured to be named Chairman and
very appreciative of the Board's support. I'll continue to
work closely with the Board and our senior management team
to execute our company's strategy of providing compelling,
branded media content to audiences around the world, while
delivering superior growth and returns to our stockholders."
Speaking
on behalf of the board, lead independent director Frank Caufield
says, "Time Warner is going through a strategic transition
to become a more streamlined content-focussed company to take
advantage of growth opportunities afforded by fast-moving
technologies and markets worldwide. As chairman and CEO, Jeff
Bewkes will provide clear, decisive and unified leadership
for our company and board as we execute that strategy."
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