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Richard Parsons is expected to step down as Time Warner chairman next year, the conglom topper told shareholders in his opening remarks Friday at Time Warner's annual meeting in Atlanta.

"This is my last shot at this," Parsons said. "I will be the outgoing chairman after this year, probably."

Parsons praised his successor as CEO, Jeffrey Bewkes, who took the operating reins of the media giant in January. Parson's resignation had been expected, given the clause in Bewkes' employment contract that allows him to leave with pay and without a non-compete restriction if he does not take on the chairman title by Jan. 1.

A shareholder proposal to split the job of chairman and CEO into two separate posts failed to secure a majority approval at Friday's meeting. About 43% of shareholders voted in favor of separating the responsibilities. Walt Disney Co. is among the media congloms that have separated the two roles under duress from governance-minded shareholders in recent years.

"The company is sound. The problems we had when I became CEO (in 2002) are behind us," Parsons told shareholders.