Richard Parsons stepping down as the CEO of Time Warner

Market sources are saying that Time Warner Inc CEO Richard Parsons is stepping down from his position in the company.

He would be replaced by their current Chief Operating Officer Jeffrey Bewkes.

Bewkes has been slated to become the top executive at the company since 2005. He is now likely to take over his new position in the company starting next year.

Parsons is likely to remain the Chairman of Time Warner.

Time Warner is yet to confirm this news but the move is likely as the company faces intense criticism from the investors to take serious steps to enhance profits.

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