Gerald Levin will retire as CEO of AOL Time Warner in May 2002. Co-COO Richard Parsons has been named as his replacement.
Co-COO Robert Pittman will become the sole COO. All company division CEOs will report to Pittman.
“After spending virtually my entire career at this great company, it is obviously a major decision for me to begin this succession process,” said Levin, 62, in a statement. “But this is a step that I have been thinking about for some time and whose time has come.”
Steve Case will continue as chairman of the Dulles, VA-based online and direct marketing giant.
The timing of Levin’s departure was a surprise even though Levin had reportedly been discussing his retirement with the company’s board of directors for about the past year, according to news reports.
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