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Corporate Overhaul Rumored At Time Warner
For most of this year, investors have been waiting impatiently to hear when Time Warner Inc.'s No.2 executive, Jeffrey L. Bewkes, would be confirmed as the successor to Chief Executive Officer Richard D. Parsons. Many on Wall Street view Mr. Bewkes as something akin to a corporate action hero likely to break up Time Warner, jump-starting its long-stalled share price.
Mr. Bewkes, president and chief operating officer, is finally poised to get the top slot -- but it is far from certain that his appointment will usher in a period of drastic change. And that means any hopes of a sustained rally in Time Warner stock could be misplaced.
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Wall Street Journal | MATTHEW KARNITSCHNIG | September 17, 2007 10:21 AM