New York City-based AOL Time Warner announced it has tapped executive recruitment agency Spencer Stuart, Chicago, to search for a new leader to replace current ceo Robert Pittman at its struggling America Online division. Pittman, who was president of AOL at the time it acquired Timer Warner in 2000, was sent back in April on an interim basis to resurrect the company.
AOL’s ad revenues have slumped, subscriber growth has dwindled, and its stock has eroded 70 percent since Time Warner bought America Online. Pittman remains co-coo at AOL Time Warner (which contends the search corresponds with its initial designation of Pittman as an interim ceo of AOL), but the executive search could suggest the company is looking for new blood to replace the principals that orchestrated the deal. CEO Gerald Levin resigned in May.
While Spencer Stuart says no finalists have been determined, the industry is speculating that possible replacements include executives at Web companies such as eBay and Amazon, as well principals from within the AOL Time Warner fold, such as AOL coo Michael Kelly and former radio executive James de Castro.
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