Time Warner is shaking up its AOL subsidiary and longtime NBC executive Randy Falco, its current chairman-CEO, is departing.
Time Warner Chairman-CEO Jeff Bewkes today announced that Google Senior VP Tim Armstrong will become the new chairman-CEO of AOL.
“Tim is the right executive to move AOL into the next phase of its evolution,” said Mr. Bewkes. “At Google, Armstrong helped build one of the most successful media teams in the history of the Internet—helping to make Google the most popular online search advertising platform in the world for direct and brand marketers.
“He’s an advertising pioneer with a stellar reputation and proven track record. We are privileged to have him preside over AOL as its audience and programming businesses continue to grow and its advertising platform expands globally. He’ll also be helpful in helping Time Warner determine the optimal structure for AOL.”
Mr. Falco joined AOL in 2006 after a long career at NBC that included being chief operating officer for several Olympics, president of NBC Television, president of the NBC Universal Television Group and, before his departure to AOL, president-COO of the NBC Universal Television Group.
Mr. Bewkes also announced the departure of AOL COO Ron Grant.
Mr. Bewkes added: “Randy led AOL in its transition from a subscription business to an audience business. Under Randy and Ron, AOL’s programming sites exhibited year-over-year growth in unique visitors for 23 consecutive months, with many of its sites now in the top five of their categories. They also assembled Platform-A, the No. 1 display ad network in the U.S. with a reach of more than 90%. They also aggressively cut costs as they restructured the audience business portion of the company into three distinct operating units: People Networks, MediaGlow, and Platform-A. As Randy and Ron move on, they leave AOL with our gratitude and appreciation for remaking the company and bringing it to a new and promising level.”