ENTERTAINMENT & MEDIA

Chief of Time Warner Unit Retiring: Warner New Media, a unit of Time Warner Inc., said its president and chief executive, Stan Cornyn, is retiring immediately. He will be succeeded as president by Terry L. Hershey, a former journalist who joined Time Inc.’s electronic publishing division in 1981. Most recently, Hershey served as Time Warner’s director of corporate development and technology. In September, the unit reduced its work force by 20% and said it would shift more resources from CD-ROM to interactive cable TV programming. Founded in 1984, the New Media division is based in Burbank.