Time Warner Inc Chief Executive Richard Parsons is expected to announce on Monday that he will step down and be replaced by Chief Operating Officer Jeffrey Bewkes, stoking expectations that big changes lie ahead for the world's largest media company.
Bewkes, identified as the heir apparent since 2005, will take over the CEO job on January 1, while Parsons will remain as chairman, according to a report on CNBC. The report said an announcement would come later on Monday.
A Time Warner spokesman declined to comment. The company's shares rose 2.9 percent to $18.39 in morning New York Stock Exchange trade.