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Dick Parsons Named Chairman/CEO AOL Time Warner

The Board of Directors of AOL Time Warner Inc. has unanimously elected CEO Dick Parsons to the newly-combined position of chairman and chief executive officer. The appointment will become effective at the May 16, 2003 annual shareholders meeting, which is when Steve Case will step down as chairman, as previously announced. AOL's stock has fallen 70% since it acquired Time Warner in 2001, a consequence many stockholders had blamed on Case, a major architect of the merger. Case will remain a director of the company and will continue to co-chair the merger strategy committee.