Richard Parsons completed handing over the reins of power at Time Warner to Jeff Bewkes Thursday. Last January, Parsons ceded the CEO title to Bewkes, while retaining the title of chairman. On Thursday, he handed the chairmanship of the company to Bewkes as well. In the past year he began the process of spinning off Time Warner Cable; shut down New Line Cinema as an independent company (four of its films subsequently became hits), as well as Picturehouse and Warner Independent Pictures; and forced Time Inc. to lay off 500 employees.