Time Warner Inc’s (TWX) board on Monday elected Jeffrey Bewkes to succeed Richard Parsons as chief executive on January 1, stoking expectations that big changes lie ahead for the world’s largest media company.

Bewkes, identified as the heir apparent since he became chief operating officer in 2005, will take the helm of Time Warner at a time when investors are demanding drastic measures to boost its sluggish share price.

Shares of the company, owner of top media brands including CNN, Time Inc, HBO and Warner Bros, have fallen 18 percent this year, taking it back to about the same levels as when Parsons took over the company five years ago. It has also underperformed rivals such as News Corp and Walt Disney.

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