Ted Turner To Step Down As Vic
Created 01/29/2003 - 00:00
The exodus from AOL Time Warner continues with the announcement that Ted Turner has decided to step down as vice chairman of AOL Time Warner. This follows the highly publicized departure of chairman Steve Case, who earlier this month announced his departure from the company amid criticism from shareholders. AOL's stock has fallen 70% since it acquired Time Warner in 2001. Turner was rumored as a possible replacement for Case, but the newly-created position of chairman and chief executive officer went to CEO Dick Parsons. Both Case and Turner's resignations, and Parsons' promotion, will be effective in May 2003, at the annual shareholders meeting. In notifying Parsons yesterday, Turner said: "After much reflection, I have decided to resign from my executive duties as vice chairman of AOL Time Warner. I have not come to this decision lightly. As you know, this company has been a significant part of my life for over fifty years. I have the deepest respect for you, the senior management and my fellow members of the board. With this team in place, I am optimistic that the company will be able to move forward and reach its true potential." Turner stated he will devote his time to pursuing more philanthropic interests and socially responsible business efforts.