AOL chief to step down
Published: 09 Apr 2002 17:16 BST
Barry Schuler, the chief executive of AOL Time Warner's America Online division, will relinquish his post and lead a newly formed division to develop digital services for the media giant.
Bob Pittman, co-chief operating officer of AOL Time Warner, will assume full responsibility of the AOL division. Pittman will still become the sole chief operating officer of AOL Time Warner once chief executive Gerald Levin steps down in May.
"Nobody understands AOL's operations and potential better than Bob Pittman, and no one is better qualified to manage this business," Richard Parsons, who will replace Levin as chief executive, said in a statement. "Bob is taking on this role at a time of both opportunity and challenge."
Once billed as the company's "jewel in the crown," the AOL division has come under tremendous scrutiny from Wall Street for expected flat revenue growth. The division is expected to be hit hard by the effects of the online advertising collapse in the coming year after it failed to renew many of its lucrative multiyear deals.
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