Time Warner Board Chairman: I will leave the company

Richard Parsons, the chairman of Time Warner's board, Parsons to see all the technology pictures. Beijing Time May 17 news, according to foreign media reports, Time Warner board chairman Parsons (Richard Parsons) said in Friday, he may resign next year　　To make way for CEO Jeffrey Bix (Jeffrey Bewkes) to run the company in full. At the 2008 Time Warner shareholder meeting, Mr Parsons said he was unlikely to remain chairman of Time Warner's board by the time of the shareholder meeting in 2009. "We have yet to improve on the stock market, but our future prospects are very bright," he said. I will leave the company and replace my position by a more suitable candidate.　　"Parsons, 60 years old, started as CEO of Time Warner in 2002," he said. He took over as CEO of Time Warner in January this year. Under a previously signed agreement, if a year later is not appointed as Chairman of the Board, he may opt to retire. The contract also stipulates that his basic annual salary and bonuses amounted to 19 million dollars.　　Under this provision, Time Warner's board must decide before January 1, 2009 whether to take over as chairman of the board. Bex plans to sell Time Warner's 84% per cent stake in Time Warner Cable to focus its business on entertainment assets and AOL Internet parts. In the first quarter of 2008, Time Warner Cable accounted for 36% of Time Warner's 11.4 billion-dollar sales, accounting for One-third of operating profits.　　Time Warner bought AOL in 2002 for $124 billion, which proved a failed deal, leading to record losses in Time Warner, a sharp fall in share prices and lawsuits filed by shareholders. Parsons joined the Time Warner board in 1991, and in his first three years as chief executive, he turned the company around by selling assets and lowering operating expenses. At the same time, he reconciled with shareholders on a class-action lawsuit against Time Warner.　　Parsons can earn at least 1.5 million dollars a year in basic annual salaries, and may also receive 2.9 million dollars in bonuses and 3.2 million dollar options and limit-share rewards. AOL is still a big problem that Time Warner needs to solve. AOL's net profit fell 74% per cent year-on-year in the first quarter of 2008. Despite a 1% increase in advertising sales, it is far from offsetting the decline in Internet access. "Time Warner should peel off AOL," said Porter Bibb, Potter Bipp shareholder at Mediatech Capital Partner LLC law firm. If this burden is not to be lifted, Time Warner will struggle to grow fast. ”