America Online Inc. co-founder Steve Case said Monday he is resigning from Time Warner Inc.s board of directors.
Case, who co-founded America Online in the mid-1980s, later 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 Monday that he was leaving the board completely to focus on his new role as chairman and CEO of Revolution LLC, a Washington, D.C.-based health care and resorts investment firm he launched in April.
As a Time Warner shareholder, Case said he would continue to stay active in AOL.
“I will remain actively engaged as strategies for AOLs future are considered, and as steps are taken to maximize Time Warner shareholder value,” said Case, in a statement.
Case also noted, in his statement, that 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 Inc., Microsoft Corp., and Yahoo Inc.
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