Earlier today, CNBC's David Faber announced that he has word that Dick Parsons would be stepping down as Time Warner Inc.'s (NYSE:TWX) CEO effective December 31, 2007. Jeff Bewkes is the likely heir apparent, according to Faber, although it seems Parsons may remain as Chairman.

This change at the top may portend unit sales, roll-ups, spin-offs, and even may lead a change in the ownership of Time Warner Cable Inc. (NYSE:TWC).

Management change is becoming almost the norm today. Citigroup's (NYSE:C) Chuck Prince is out, finally, although having Bob Rubin involved for anything more than an interim basis will be a mistake.

Larry Fink has been named as a potential replacement-head for Merrill Lynch (NYSE:MER) and some even have noted that he could be offered top billing at Citigroup (NYSE:C).

You could almost view the break-up announcement of IAC/Interactive (NASDAQ:IACI) as a CEO exit because the five individual units already have the heads named and, at least as of now, Barry Diller is going to stay with the IAC/Interactive parent. He said he'd maintain some role in one or two of the spin-offs but not all of them.

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter and he does not own securities in the companies he covers.

Every time we write a critical post about Time Warner or Microsoft, or expose a negative fact, rumor or analysis, the refrain renews: fire the CEO! Dick Parsons, that lucky guy, gets the brunt of our readers' anger. He's screwing up Time Warner, you've told us time and time again, he should go. So say you of Microsoft's Steve Ballmer, he of the explosive personality, sweaty armpits, and billions in inexplicable operating expenses. Sometimes it's Jeff Immelt of GE, or even well-loved figures like Meg Whitman of eBay.

But usually, it's Dick. Today is no different. With 2nd quarter earnings coming out next Wednesday, and everyone wondering about the company's plans with its AOL unit, Joan Lappin from Gramercy Capital Management demands in the pages of Fortune, "Save Time Warner, Fire Parsons."

It's nothing new, but it's worth evaluating her reasons for the radical battle cry. She argues that Parsons is all about politics (in fact, he's rumored to be angling for a 2009 run for New York City mayor), a skill that helped him avoid perishing in the "shark tank" that has been Time Warner's boardroom for the past decade and earned him credit as being a "Teflon Don," but has failed miserably to maintain Time Warner's legacy as a creative, entrepreneurial culture where good managers were rewarded "generous financial incentives for producing solid earnings growth." Fire Parsons, she says, and maybe that creative culture can be revived.

I honor her passion, and agree that the creative, entrepreneurial company always wins over the political shark tank. But who, Joan, is positioned to take the helm from him? That question must be answered before anyone brings out a block and starts chopping.