NEW YORK: Despite increasing investor hostility to vesting the most senior dual-role responsibilities in a single executive, Time Warner ceo Jeff Bewkes (pictured) will shoulder the additional duties of chairman as of January 1.
He will fill the shoes of Richard Parsons who retires at the age of sixty after five years at the media mammoth's helm.
The appointment surprises no-one, the 56-year-old Bewkes having made no secret of his desire to wear both hats – even to the extent of incorporating that demand into his contract with the company.
Insiders say that he wants no other Admiral on the bridge while he drives through his plans to reconfigure the unwieldy titan into a more content-focused company.
He has already engineered a spinoff of Time Warner Cable and axed jobs across the company, while another of his initiatives – to integrate AOL with rival Yahoo is at the moment ticking-over in neutral.
Data sourced from Wall Street Journal Online; additional content by WARC staff