[Am-info] Pittman Leaves AOL

[Fred A. Miller]

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Pittman Leaves AOL

It just keeps getting worse for AOL Time Warner. Chief operating=20
officer Bob Pittman, named interim CEO of the America Online=20
division just three months ago, stepped down Thursday, leaving a=20
hole in the executive team and helping drive the company's once=20
high-flying stock down to a closing price of $12.45. This as AOL=20
Time Warner was forced to defend itself against a report in the=20
Washington Post that it had overstated revenue resulting from=20
advertising deals during the past couple of years.

A company spokeswoman say Pittman is leaving to spend more time=20
with his family and will stay on board until a replacement is=20
found, which should occur within 60 days. The company also said=20
that Don Logan and Jeff Bewkes will take over as chairmen of the=20
media and communications group and entertainment and networks=20
group, respectively.

While the shine has worn off of AOL Time Warner, Pittman's=20
departure may ultimately prove to be a welcome purging, Yankee=20
Group analyst Rob Lancaster says. "Let's get some fresh blood in=20
there," he says. "They need another executive to come in and turn=20
this company around." Lancaster says that of all the problems AOL=20
Time Warner is having, the most disconcerting to him is that, as=20
the world's largest Internet service provider, the company lacks=20
a viable broadband strategy. He says only a small percentage of=20
its customers are accessing the Internet via its broadband=20
network. - Tony Kontzer

For the full story, go to:
http://update.informationweek.com/cgi-bin4/flo?y=3DeIBE0Bce7K0Cf20Bfcn0AR

And for more, read:
Taking Stock: AOL Time Warner Must Deliver Growth To Earn=20
Credibility
http://update.informationweek.com/cgi-bin4/flo?y=3DeIBE0Bce7K0Cf20BWmG0Ah

- --=20
Fred A. Miller
Systems Administrator
Cornell Univ. Press Services
fm@cupserv.org, www.cupserv.org
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