Google Exec to Lead AOL, Focus on Internet Advertising
In a clear nod to the rising importance of Internet advertising, Manhattan-based Web services company AOL, LLC this week announced that itÃ¢â‚¬â„¢s hiring an executive from the industryÃ¢â‚¬â„¢s distant leader as its new chairman and chief executive officer.
Tim Armstrong, a senior vice president at Internet ad and search leader Google Inc., will take over for Randy Falco, who is slated to leave the company, along with Chief Operating Officer Ron Grant.
The move follows disconcerting reports that AOLÃ¢â‚¬â„¢s falling ad revenue fueled a 20 percent overall revenue decline in 2008, to $4.2 billion. The company is facing a workforce reduction of about 10 percent, or 700 workers.
Jeff Bewkes, chairman and chief executive officer of the company that operates AOL, Time Warner Inc., described Armstrong as the Ã¢â‚¬Å“right executiveÃ¢â‚¬Â for this time.
Read more: tmcnet.com