NEW YORK: AOL, the online unit of media giant Time Warner, has appointed Tim Armstrong, senior vice president of Google, as its new chairman/ceo, and announced he will take over from the incumbent, Randy Falco, next month.
The company saw ad revenues fall by 20% last year, and Time Warner's made an overall loss of $16 billion in the final quarter of last year, prompting rumours it wanted to sell its online arm.
Alongside Falco, who joined the company from NBC in 2006 and made $1.6bn worth of purchases during his tenure as chief executive, AOL's coo Ron Grant will also leave next month.
Armstrong was a member of Google's Operating Committee and said AOL had done "a very nice job of growing traffic" and was in a position to be “a major player in all types of internet-based advertising."
Data sourced from Wall Street Journal; additional content by WARC staff