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| Shift at AOL Puts Time Warner at Helm by Jeremy at 6:38 am EDT, Jul 19, 2002 | |||
Robert W. Pittman, chief operating officer of AOL Time Warner, resigned under pressure yesterday in the most public repudiation yet of the promises behind the $165 billion merger of AOL and Time Warner. The departure of Mr. Pittman, 48, who helped build AOL and became one of the merger's most vocal boosters, leaves the combined company almost entirely in the hands of veterans of Time Warner's old-media businesses. The moves are unlikely to address immediately the biggest questions hanging over AOL Time Warner's stock ... which has fallen more than 70% since the merger. Richard Parsons, the new chief: "The whole should be, and will be under this management team, greater than the sum of its parts." Analyst: "The AOL guys have got to stop drinking the Kool-Aid and get on the team." The tech world unravels, one day at a time. This trend cannot be very reassuring to international investors. Does AOLTW read my weblog? Just yesterday, I called for everyone to join in the "C-E-O shuffle", and today, AOLTW falls in line. Hmmm ... | |||
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