Former HBO chief executive Jeffrey Bewkes is to replace Richard Parsons as CEO of Time Warner.

Parsons will continue to chair Time Warner's board. In a statement, he said: "Jeff is the right person to be the next CEO of Time Warner, and I couldn’t be more delighted that he will lead this Company into the future. Jeff is a well-respected business executive both inside and outside the Company. His results-oriented management style and deep industry knowledge will be invaluable as he drives growth at Time Warner. Throughout his career, Jeff has demonstrated the capacity to generate industry-leading performances at our businesses, whether measured in terms of financial, operational or creative successes. We have had a terrific working partnership, and I am proud of what we accomplished together. As he leads Time Warner, Jeff will have my full support, and I am confident that Jeff will deliver a new era of growth for all of our Company’s important stakeholders."

In early 2006, Parsons informed the Time Warner board of directors that a timetable should be set for CEO succession. Bewkes will take up the post, and retain the title of president, as of January 1.

"I am honoured to become the CEO of Time Warner and to follow a leader like Dick Parsons," said Bewkes. "I welcome this opportunity to work with my colleagues and the Board to lead this Company successfully into the future. We have a lot to do, and I’m intensely focused on building shareholder value. Everyone at Time Warner owes Dick a debt of gratitude for his leadership as CEO over the last five years. Dick accomplished much to restore Time Warner’s stature as the world’s leading media and entertainment company, and he put into place the foundation and flexibility for our future growth. I have been privileged to work with Dick over these many years, and I look forward to benefiting from our close relationship as he continues to serve as Chairman of the Board."