Time Warner's Parsons giving up CEO duties

NEW YORK, Nov. 5 (UPI) -- Richard Parsons said Monday he will step down Jan. 1 after five years as chief executive officer of Time Warner, the world's largest media conglomerate.

President and Chief Operating Officer Jeffrey Bewkes will take over as chief executive and retain the title of president, CNN reported. Parsons, whose contract expires next May, will remain chairman, the network said.

"Jeff is the right person to be the next CEO of Time Warner, and I couldn't be more delighted that he will lead this company into the future," Parsons said in a statement. "Jeff is a well-respected business executive both inside and outside the company."

Time Warner's stock has underperformed other media companies, trading at about $18, or roughly where it was when Parsons took over in May 2002.