AOL TIME WARNER SETS EXECUTIVE BATTING ORDER
America Online Inc. and merger partner Time Warner Inc. announced this morning that AOL Chairman and CEO steve case',390,400);">steve case',390,400);">Steve Case will be chairman of the combined AOL Time Warner. TW Chairman and CEO gerald levin',390,400);">gerald levin',390,400);">Gerald Levin will be chief executive.
AOL's President and COO Bob Pittman and TW's President Dick Parsons will be co-chief operating officers of the combined company. TW Vice Chairman ted turner',390,400);">ted turner',390,400);">Ted Turner will remain vice chairman at the combined company, where he will be Senior Adviser as well as Chairman of Hot Chicks.
Judge Mills Lane will referee to make sure everything stays by the book.
AOL—the Internet giant—and Time Warner—the media titan—said in a statement that AOL Time Warner, to be based in New York, will be organized around its "core growth drivers," primarily subscription services from TW's cable and publishing businesses and the AOL flagship Internet service.
Pittman will oversee the subscription services and advertising and commerce businesses. Parsons will oversee the content businesses in film, TV, music and books, and will also oversee legal and personnel development.
Barry Schuler, president of AOL Interactive Services, will rise to the post of chairman and chief executive of America Online. Light-hitting utility infielder Keith Lockhart will bat seventh and play second base.
The two companies decided to merge in January in a stock transaction worth $160 billion at the time. Recent market volatility has sent AOL stock reeling, reducing the deal's value to approximately $128.81 billion, according to Wednesday's closing stock prices.
Early trading on the New York Stock Exchange showed shares of AOL climbing 13/16 to 58 1/16, while Time Warner gained 5/8 to 85 15/16.
