DOW JONES NEWSWIRES
Time Warner Inc. (TWX) Thursday named Tim Armstrong, a top Google Inc. (GOOG)
executive, to head its AOL LLC unit as it struggles to make a transition from a
subscription-based service provider to an advertising-supported model.
At the same time, Time Warner said AOL Chairman and Chief Executive Randy
Falco and President and Chief Operating Officer Ron Grant would leave the
company after a transition period.
There has been some shuffling in the executive suite at AOL, as the unit has
been especially hard hit by the ad downturn.
Time Warner Chairman and Chief Executive Jeff Bewkes, in announcing the
appointment of Armstrong, a Google senior vice president, specifically touted
his influence in building Google's online search advertising platform.
Bewkes said Armstrong was "the right executive to move AOL to the next phase
of its evolution."
Armstrong, who first joined Google in 2000 and helped open its first office in
California, was a member of Google's operating committee and served as the
president of the Americas operations. He sits on the board of several
Time Warner's shares were down 4.8% to $7.92 in after-hours trading.
-By John Kell, Dow Jones Newswires; 201-938-5285; firstname.lastname@example.org
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