-- Steve Case to Step Down as Chairman of AOL Time Warner in May; Case to Continue --
as Board Member
Business Editors/High-Tech Writers
NEW YORK--(BUSINESS WIRE)--Jan. 12, 2003--AOL Time Warner Inc.
(NYSE: AOL) today announced that Steve Case has decided to step down
as Chairman effective at the Annual Shareholders Meeting in May.
Case notified CEO Dick Parsons and the Board of Directors of his
decision over the weekend.
In informing the Board, Case said:
"As you might expect, this decision was personally very difficult
for me, as I would love to serve as Chairman of this great company for
many years to come, and as an architect of the merger I have felt it
was important that I stay the course as Chairman and help get things
on track. However, after careful consideration, I believe stepping
down is in the best interest of the company, for three reasons.
"First, this company does not need distractions at this critical
time, and given that some shareholders continue to focus their
disappointment with the company's post-merger performance on me
personally, I have concluded that we should take steps now to avoid
the possibility of that effort hindering our ability to pull together
as a team and focus fully on our businesses.
"Second, important progress has been made over the past year in
building a new foundation for the future. This includes transitioning
to the new leadership of Dick Parsons, Jeff Bewkes, and Don Logan;
installing new management at AOL and developing a revitalization plan
that puts the focus squarely back on our members; and initiating a
comprehensive companywide strategic review that led to the creation of
the Board's Strategy Committee, the identification of the core
strategic initiatives we need to pursue, and the inclusion of specific
programs in each of these areas in the budget and long-term plan.
Given this progress and the fact that we're moving into more of an
execution phase, this seems like an appropriate time for me to
announce that I will step aside.
"Third, I have concluded that I can continue to make a significant
contribution even after I step down as Chairman. By remaining a
director and continuing to co-chair the Strategy Committee, I believe
I can help ensure that we maintain a balanced perspective, meeting
current challenges with best-of-class execution, while using our
unique assets to create new services and businesses that meet new
consumer habits enabled by new technologies. Despite the current
cynical view on Wall Street, there is growing evidence on Main Street
that consumers increasingly desire and demand more choice,
convenience, and control from the media they consume. I will continue
to advocate a forward-looking view, so that when the environment and
our performance improve, our company will be well positioned to
benefit from these trends.
"The bottom line is this: I love the company, and will do whatever
I can to make it successful. I believed in America Online when we
built it; I believed in AOL Time Warner when we created it; and I
continue to believe in the great potential of this company and its
people. While my role will change, my enthusiasm for what this company
can accomplish won't diminish."
Dick Parsons, CEO of AOL Time Warner, said, "I have valued
partnering with Steve and am pleased he will continue to be active as
a director even after he steps down as Chairman in May. His
extraordinary vision and unique experience will be invaluable and I
look forward to working with him for years to come."
About AOL Time Warner Inc.
AOL Time Warner Inc. is the world's leading media and
entertainment company, whose businesses include interactive services,
cable systems, filmed entertainment, television networks, music and
publishing.
--30--BW/ny
CONTACT: AOL Time Warner Inc.
Edward Adler, 212/484-6630
or
Tricia Primrose, 212/484-7450
KEYWORD: NEW YORK
INDUSTRY KEYWORD: E-COMMERCE INTERNET TELEVISION/RADIO PUBLISHING
MANAGEMENT CHANGES
SOURCE: AOL Time Warner Inc.
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Symbols:
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12-Jan-2003 23:11:00 GMT
Source BW - Business Wire
Source BW - Business Wire |
