Gerald M. Levin, the CEO of AOL Time Warner, is stepping down.
The company announced Tuesday that Levin will retire following the companys annual meeting in May of 2002. Richard Parsons, the current co-Chief Operating Officer, will take over the post of CEO at that time.
Robert Pittman who shared the COO post with Parsons, will hold that post exclusively starting in May.
The company said that Levin will work closely with Parsons and Pittman, as well as Chairman Steve Case to ensure an orderly transition over the next six months.
"After spending virtually my entire career at this great company, it is obviously a major decision for me to begin this succession process," said Levin. "But this is a step that I have been thinking about for some time and whose time has come."
All the CEOs of the companys divisions will continue to report to Pittman, AOL announced. Pittman will report to Mr. Parsons, as will all of those who currently report to Levin.