AOL Time Warner Inc. said Wednesday that CEO Jerry Levin is stepping down, to be replaced by co-chief operating officer Richard Parsons.
When Levin leaves, at the company's May 2002 annual meeting, co-COO Robert
Pittman will be the sole COO. Steve Case remains chairman.
Pittman will report to Parsons, as will all of Levin's current reports. CEOs
of the company's divisions, including Time Warner Cable, will report to
Pittman.
In a statement, Levin, who was Time Warner Inc.'s chairman and CEO when it
merged with Case's America Online Inc., said: 'After spending virtually my
entire career at this great company, it is obviously a major decision for me to
begin this succession process. But this is a step that I have been thinking
about for some time and whose time has come. Given that we are almost a full
year into the merger and that an outstanding management team is now in place at
the company, I am convinced that AOL Time Warner should begin an orderly
transition to a new era of leadership.'
