New York - Time Warner (NYSE: TWX) said late Thursday that it will install CEO Jeff Bewkes as its new chairman, replacing Dick Parsons at year's end.

Bewkes succeeded Parsons as CEO last January, and will retain both roles.

"Time Warner is going through a strategic transition to become a more streamlined content-focused company," said Frank Caufield, the company's lead independent director.

"As chairman and CEO, Jeff Bewkes will provide clear, decisive and unified leadership for our company and board as we execute that strategy."

Bewkes previously served as Time Warner's president and COO from 2006-2007 and as chairman of the company's Entertainment and Networks Group from 2002-2005.

He also earlier served as the chairman and CEO of HBO.

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