NEW YORK AOL Time Warner CEO Dick Parsons will take on the additional title of chairman after Steve Case relinquishes the post May 16, the New York-based media giant said Thursday. The appointment was made after a unanimous decision by the board of directors.
"I am highly gratified that the board shares my determination to maximize AOL Time Warner's tremendous potential," said Parson. "As we address the challenges facing our company and the industries in which we operate, I will work together with the people in this company to focus on increasing value for our customers and our shareholders."
Succumbing to shareholder discontent, Case revealed his plans earlier this week to step down from his current post [IQ Daily Briefing, Jan. 13]. The former chief executive of America Online and one of the key architects of AOL's acquisition of Time Warner said he would remain with the company as a non-management director and co-chair of the strategy committee.
AOL Time Warner shares closed on the New York Stock Exchange Thursday at $15.30, up 6 cents or 39 percent. The stock's (AOL) 52-week high is $30.75 and 52-week low is $8.70.