The ascension of Jeff Bewkes to chairman of the board of Time Warner may be mapped out for the end of 2008.
According to an SEC filing, the terms of Bewkes’ new employment agreement, which runs through December 31, 2012, allow him the option to resign his post as president and CEO if he is not elected Time Warner’s chairman by January 1, 2009. The new employment agreement with Dick Parsons, who serves as the company’s chairman of the board, will run through December 31, 2008.
Last week Time Warner announced that Bewkes, currently president and COO, will become the company’s next CEO effective January 1. Current chairman and CEO Dick Parsons will step down as chief executive officer but remain the company’s chairman. Time Warner also announced that Time Warner Cable CFO will replace Time Warner’s CFO Wayne Pace when he retires effective January 1.