NEW YORK Time Warner on Thursday named Jeffrey Bewkes chairman, and in so doing, the company confirmed that former captain Richard Parsons will step down on Dec. 31.
Bewkes officially succeeded Parsons as CEO of the media conglomerate on Jan. 1, 2008. While negotiating the terms of his contract, the 56-year-old locked in a guarantee that he’d assume the chairmanship no later than Jan. 1, 2009.
The terms of Bewkes’ contract with Time Warner include a base salary of $2 million upon his election as chairman and an annual discretionary cash bonus with a target amount of $8.5
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