Time Warner Expected To Announce New CEO This Week

Like bottles of Brunello di Montalcino cellared at Time Warner Inc. chief Richard Parsons's Italian vineyard, investors in the media company have been kept in the dark of late. Mr. Parsons hasn't said exactly when he is giving up the chief-executive title or signaled what direction the media company will take once he is gone.

The skies could start to clear this coming week, though, with the likely confirmation of what has become an open secret in the past two months: that Mr. Parsons will pass the CEO mantle to his No. 2, Jeff Bewkes, at the start of 2008, according to people familiar with the situation. Mr. Parsons's contract ends in May, and he is expected to continue as chairman until at least then, those people say.

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