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FreeRepublic , LLC PO BOX 9771 FRESNO, CA 93794
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Posted on 01/16/2003 2:53:00 PM PST by GeneD
The board of AOL Time Warner named its chief executive, Richard D. Parsons, to be its chairman this afternoon, succeeding Stephen M. Case, the architect of AOL's acquisition of Time Warner, who submitted his resignation under pressure.
Mr. Parsons will take over as chairman in May. He will remain chief executive as well.
The move completes the surprising consolidation of Mr. Parsons's power over the company in the last two years since AOL acquired Time Warner. Named co-chief operating officer at the time, Mr. Parsons was largely pushed aside during the merger negotiations and crucial decisions afterwards. But when the merger went south, he was the top executive with the cleanest hands.
Directors of AOL Time Warner were under some pressure to name a new chairman soon to bring stability to the company after a string of resignations at the top, and the vote to name Mr. Parsons chairman was unanimous, the company said.
"I am highly gratified that the board shares my determination to maximize AOL Time Warner's tremendous potential," Mr. Parsons said in a company statement.
Mr. Case said in the statement that he would work with Mr. Parsons to ensure a smooth transition.
One question on the minds of some institutional investors is the future role of the core directors from AOL now that Mr. Case has resigned as chairman under shareholder pressure. Mr. Case, who headed America Online before it acquired Time Warner, remains a director, and so do his longtime advisers Kenneth J. Novack and Miles R. Gilburne.
AOL Time Warner announced its decision on Mr. Parsons after the stock market closed today. Earlier, the company's shares ended regular trading up 6 cents, at $15.30, on the New York Stock Exchange.
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FreeRepublic , LLC PO BOX 9771 FRESNO, CA 93794
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Time to decouple.
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