Pittman to Leave AOL Time Warner
MTV creator and former AOL president says it is time for a break as other executives advance.In a move financial analysts were expecting all week, Bob Pittman resigned as chief operating officer of AOL Time-Warner Inc. Thursday. At the same time, the company promoted a number of executives from its entertainment division, leading to speculation that Pittman had lost a power struggle at the New York City-based company. Pittman had just taken full control of the COO position in May, overseeing all AOL Time Warner divisions. Previously, he was co-COO and oversaw the companys subscription services, including AOL. It is not clear when Pittmans resignation will take effect. He said in a statement that he would stay until a new CEO was in place at the AOL division, though the company has not indicated when that position will be filled. The only reason Pittman gave for leaving was that its "time to take a break" after going through the merger and the 18 months since then.
"Im proud of what we built at AOL and believe that it has a great future," he said in the statement. "Likewise, I have confidence in AOL Time Warners prospects."