America Online co-founder Steve Case said last week he is resigning from Time Warners board of directors.
Case, who co-founded America Online in the mid-1980s, orchestrated AOLs $112 billion merger with Time Warner in January 2001. But as shareholder value plummeted in the wake of the merger, Case in 2003 stepped down from his role as chairman of Time Warners board but retained a seat on the board.
Case said that he is leaving the board completely to focus on his new role as chairman and CEO of Revolution, a health care and resorts investment company he launched in April.
Case said he was encouraged by a "renewed focus" in AOL. In recent months, AOL has been rumored as a possible acquisition target of companies including Google, Microsoft and Yahoo.