Old order restored at AOL Time Warner

 

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By Alun Williams

Posted on 17 Jan 2003 at 12:53

AOL Time Warner has elected Dick Parsons to become Chairman of the company. He is already the CEO of the new-media/old-media conglomerate.

He follows Steve Case into the job, the former boss of AOL who stepped down on Sunday. The change is effective as of 16 May.

With Parson's background being in the Warner Brothers side of the business, it seems the old order of old media has been restored. There has been speculation that the AOL Internet arm will be spun-off from the giant Time Warner organisation.

In an official statement Parsons promised 'to focus on increasing value for our customers and our shareholders.' Case, meanwhile, put a brave face on his succession: 'the Board unanimously agreed that Dick should be named Chairman. I am delighted by this decision and look forward to working with Dick to ensure a smooth transition.'