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, a technology market research firm The announcement comes a little over two years after the merger was finalized and places AOL Time Warner firmly in the grasp of executives from the Time Warner side of the business Dick Parsons to Head AOL Time Warner Jan 16, 6:37 PM EST AOL Time Warner Inc The announcement came after the end of regular trading Thursday's appointment makes him among the most prominent African-American executives in the country AOL Time Warner's shares have tumbled roughly 80 percent since the merger was announced in 2000, and more than 60 percent since the deal was completed in 2001 Before becoming chief executive in May, Parson was AOL Time Warner's co-chief operating officer When Case leaves, the highest ranking executive from AOL will be Paul Cappuccio, the company's general counsel Shares of AOL Time Warner had closed up 6 cents at $15 â€â€?â€â€?â€â€? On the Net: http://www "This is the final acknowledgment that the AOL-Time Warner combination was a poorly orchestrated merger and now the entire new management team that's been put in place over last 12 months can move ahead," said Mark May, media analyst at Kaufman Bros They have been replaced by a team chosen by Parsons, who, at least in the short term, prepares willing to try to work out America Online's problems, rather than selling it They were unchanged in the after-hours session In the last year, nearly all the key architects of the merger have left, including Jerry Levin, the Time Warner chief executive who pushed for the AOL Time Warner combination Previously, he was chairman and chief executive officer of Dime Bancorp He's a peacemaker, he's the kind of guy that brings people together and this is a company that really needs a group hug," said Jonathan Gaw, a research manager at IDC Inc The board's unanimous decision to have Parsons replace Steve Case, the America Online co-founder who announced last week he was stepping down as chairman, completes a shake-up begun a year ago He had been named president of Time Warner in 1995, after joining the board of directors in 1991 chief executive Dick Parsons was tapped to be the media conglomerate's new chairman Thursday, giving him broadened authority as he tries to turn around a mega-merger gone sour But the company indicated Thursday that it remains confident its corporate governance measures are adequate Case announced plans for his departure on Sunday, saying that he felt his continuing presence would be a distraction as the company tries to recover from what has been a terrible run since the merger "It's a company that needs some healing and they needed somebody who plays well with others, and Dick has shown that he does that "I am highly gratified that the board shares my determination to maximize AOL Time Warner's tremendous potential," Parsons said " Parsons' appointment will take effect May 16 at the annual shareholders meeting, the same date Case had indicated he would leave the company 30 on the New York Stock Exchange The board's decision to give Parsons both jobs came despite speculation that the two jobs would be kept separate to ensure sufficient oversight of the company com "This has been a wholesale shift from AOL people back to Time Warner people He will remain on the company's board "As we address the challenges facing our Company and the industries in which we operate, I will work together with the extraordinary people in this Company to focus on increasing value for our customers and our shareholders " Investors had pushed for the changes, following a sharp drop in the company' stock price chiefly caused by problems at the America Online division Those problems include shrinking revenues and accounting practices currently under investigation by the Justice Department and Securities and Exchange Commission It caps a heady rise in power for the quiet-spoken Parsons, who formally took over as CEO just eight months ago, and for the victory of old media over new media in the company's reformation aoltimewarner Shock Jock Stern's Rest Stop to Close Feb 7, 7:52 AM EST Thieves couldn't shut down Howard Stern's rest stop, but Gov It's one of three operated on state highways; rest areas on the New Jersey Turnpike and other toll roads are independently operated It will be shuttered, reportedly at a savings of $1 million a year Aid for higher education, rebates and social service programs were also cut to balance the $23 McGreevey also cut funding to the arts, sciences and cultural programs Twenty-three state workers are needed to staff the area around the clock, state officials said Whitman's decision drew criticism from several groups, including the New Jersey chapter of the National Organization for Women, which says Stern demeans women Christie Whitman, now head of the U James E The closing was part of McGreevey's budget, which he introduced Tuesday New Jersey can't afford to keep open the Route 295 rest area that carries the radio host's name A voice mail message seeking comment from Stern's radio producer was not immediately returned McGreevey will Former Gov S His agent also didn't respond to an e-mail request for comment It was stolen within days, but someone later mailed Stern the plaque, which had been paid for by the state Republican Committee 7 billion budget Environmental Protection Agency, joked that she would christen the rest area after Stern during a 1995 campaign stop In March 1995, workers installed a black-and-silver plaque complete with a caricature of Stern peeking from an outhouse at the Springfield Township rest stop |
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