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Ex-Google Executive to Lead AOL, Says Time Warner
By: Nicholas Kolakowski
2009-03-13
Article Rating:    / 1
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Time Warner announced that ex-Google executive Tim Armstrong, who served as president of Googles Americas Operations, will become the new chairman and CEO of AOL. In 2008, AOLs annual revenue fell 20 percent, and the company plans to lay off roughly 10 percent of its work force.Former Google
executive Tim Armstrong will become the new chairman and CEO
of AOL,
said AOLs parent company Time Warner in a statement issued on March 12.
Armstrong, who was a member of Googles Operating Committee and served as
president of the search giants Americas Operations, will replace AOL Chairman
and CEO Randy Falco, who is stepping down along with President and Chief
Operating Officer Ron Grant.
"At Google, Armstrong helped build one of the most successful media teams
in the history of the Internethelping to make Google the most popular online
search advertising platform in the world," Time Warner Chairman and CEO
Jeff Bewkes said in a statement. "Hes an advertising pioneer with a
stellar reputation and proven track record."
AOL is likely hoping that Armstrong, a key player in developing Googles ad
business after joining the company in 2000, will help reverse its fortunes. In
2008, AOLs annual revenue fell 20 percent, to $4.2 billion, off softness in
its ad and subscriber business. The company recently announced that it will lay
off around 10 percent of its global work force, or roughly 700 people; on March
11, it announced that its China
offices will be shuttered.
"AOL has a wide-ranging set of assets and audience. The company is well-positioned
to enhance those assets into a larger share of the Internet audience and
advertiser communities," Armstrong said in a statement. "AOL and
Google have been partners for years, and I look forward to collaborating with
Jeff Bewkes and his team as we explore the right structure and future for
AOL."
Despite the decline in its core businesses, AOL has done some large-scale
maneuvering over the past year.
In March 2008, the company agreed to acquire
social network Bebo for $850 million, placing it in a position to boost its ad
revenue strategy.
In February 2009, AOL announced that it was joining Microsoft and other
industry players in
fighting the spread of the Conficker worm.
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