Reuben Mark to also depart
NEW YORK — The end of an era came Monday for Time Warner as execs revealed Richard D. Parsons would be leaving the conglom’s board of directors.
In an SEC filing, Time Warner divulged the decisions of Parsons and Reuben Mark to leave the board before the annual shareholder meeting in May.
Parsons joined the Time Warner board in 1991. He served as chairman from 2003 to 2008.
As chief exec from 2002 to 2007, Parsons steered the company through some difficult years after its disastrous 2001 merger with AOL. His smooth way with people and diverse background, which included stints in politics and banking, helped him rise above other internal candidates to succeed Gerald Levin.
Jeff Bewkes took the reins as chief exec in 2008.
Mark, the former chief exec of Colgate-Palmolive, where he remains chairman, has been on the Time Warner board since 1993.
Parsons is still board chairman at Citigroup, where his diplomatic and corporate skills are being put to a test similar to the one he faced at Time Warner amid massive writedowns and the assault of Carl Icahn.
On a day of massive Wall Street rallies, Time Warner shares surged almost 10% to close at $8.62.