Industry Moves: Steve Case Leaves Time Warner Board

Steve Case, co-founder of AOL and co-architect of what may be the most derided media merger in the last 20 years, is leaving Time Warner’s board to focus on building Revolution LLC, his new business; he remains one of the largest individual shareholders. His departure five years after the creation of AOL Time Warner comes as Time Warner considers the fate of AOL, now viewed as a major asset rather than a drag on the company’s reputation and resources. The other architects — Gerald Levin and Bob Pittman — are already long gone although many of the remaining 14 board members, including Chairman and CEO DickParsons, were part of the merger decision, a fact dissident shareholder Carl Icahn is trying to wield as a weapon. No replacement plans announced; perhaps they’ll add an outsider with no merger baggage. (If you’re counting, that leaves seven pre-merger directors of TW and four of AOL; three directors have been added.)
Time Warner statement.

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