Ending months of ‘will he, won’t he?’ hypotheses Ted Turner has decided to remain as vice chairman of media colossus AOL Time Warner for a further two years. His contract was due to expire at the end of this month.
Turner (63), who personally holds around 45 of AOL TW stock valued at around $4.3 billion, is the group’s largest individual shareholder. Through the course of this year Turner has not minced his words in his public criticisms of the group and its board – especially the soon-to-retire chief executive Gerald Levin who, Turner alleged, had stripped him of his operational duties within the group.
Levin’s imminent standdown is thought to be a decisive factor in Turner’s decision to stay, as has the publicly stated desire of Levin’s successor designate – joint-chief operating officer Richard Parsons – that Turner remain on the group’s board.
News source: Financial Times