Parsons likely to leave Time

From Times Wire Services

Time Warner Inc. Chairman Richard Parsons said he would probably step down after this year, a move that would allow Chief Executive Jeffrey Bewkes to take over the position at the world's biggest media company.

"I know I am leaving the company in good hands," said Parsons, 60, at the New York company's annual shareholder meeting in Atlanta.

Bewkes, 55, became CEO in January. He has a contract that allows him to retire if he isn't named chairman after one year.

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