Last updated at: (Beijing Time) Monday, January 13, 2003
AOL Time Warner Chairman to Quit in May
AOL Time Warner Inc.'s chairman, Steve Case, co-founder or America Online and one of the architects of its merger with Time Warner, will resign in May, the company said Sunday.
AOL Time Warner Inc.'s chairman, Steve Case, co-founder or America Online and one of the architects of its merger with Time Warner, will resign in May, the company said Sunday.
In a statement, Case said he would resign because "some shareholders continue to focus their disappointment with the company's post-merger performance on me personally."
The announcement caps months of executive shuffles at the company and speculation as to how long Case would last.
"This decision was personally very difficult for me, as I would love to serve as Chairman of this great company for many years to come," Case said.
Case will remain on the company board and continue to co-chair its Strategy Committee.
Although the AOL Time Warner merger was promoted as an example of a new economy business reviving an old one, the influence of America Online on the company is waning. Many of the key proponents of the merger have left, been forced out or been demoted in the last year as investors have grown increasingly dissatisfied.
Jerry Levin, the Time Warner chief executive at the time of the merger, retired in May, just a year and a half after the merger was finalized. Bob Pittman, an America Online veteran, resigned as chief operating officer in July. Barry Schuler lost his job as America Online chief executive in April and was reassigned to a lower-profile position.