Time Warner named its president, Jeff Bewkes, as the next CEO to replace Dick Parsons.
Parsons, who has served in the post for five years, announced that he is stepping down Jan. 1, but will remain in the chairman's post.
Parsons is one of a handful of African-American executives in this country. He was tasked with restoring the stature of the world's largest media conglomerate.
He helped repair the damage from Time Warner's merger with AOL seven years ago.