Dick Parsons, in his last annual meeting as Time Warner chairman, told investors Friday in Atlanta that he is leaving the company in strong hands but regrets its recent stock performance.

"I believe the company is in good shape, but we still have some work to do on the stock market," Parsons said at the meeting in the Omni Hotel.

Jeff Bewkes took over in January as president and CEO of Time Warner, parent company of America Online, HBO, Warner Bros. Entertainment, Time Warner Cable and Atlanta-based Turner Broadcasting System.

Parsons, who is staying on as chairman until year-end, shared a couple of anecdotes, cracked a few jokes and warmly welcomed the 150 attendees. He thanked them and Time Warner's board for supporting him through the company's, as well as his, "darkest hours."

A former banker, attorney and political aide, Parsons became president of Time Warner in 1995. His reign as chairman began in 2003, two years after America Online bought Time Warner for about $166 billion in stock.

The disastrous merger angered shareholders, and Parsons as well as other executives found themselves embroiled in shareholder lawsuits and federal investigations, which the company later settled. The company's share price has bounced between $11 and $21 since 2003. Currently, it hovers around $16.50.

"This is my last shot at this, so I hope I get this right," he said before handing off the meeting to Bewkes, who addressed the shareholders in a more businesslike manner.

Sandwiched between two video presentations —- one that showed movie and television clips from 2007 and another that previewed shows that will air in 2008 —- Bewkes talked up the success of Turner networks TNT and TBS and praised CNN for its election coverage. He said he also considers Time Warner's stock to be undervalued but expressed optimism that will change.

"We look for new opportunities to redesign each of our businesses month-in and month-out," he said.

Shareholders voted to re-elect 12 Time Warner board members; eliminated the super-majority vote requirement for stockholder-initiated changes to the company's bylaws; approved a new annual bonus plan for executive officers; and approved Ernst & Young LLP as Time Warner's auditors.

Stockholders voted against a request by Christian Brothers Investment Services, which owns 1.19 billion shares, to split the roles of chairman and chief executive.

Bewkes is expected to be elected chairman after Parsons retires.