www.cnn.com/2003/US/01/12/case.resignation/index.html
Story Tools RELATED CNN/Money: 32 Case resigns as AOL chairman 33 Steve Case statement NEW YORK (CNN) -- Steve Case will step down as chairman of AOL Time Warner in May. However, he will continue as a board member, the company said Sunday in a news release. Case was the driving force behind the 2001 merger of then-booming Internet portal America Online and Time Warner, the media giant that owned an array of film, TV, music and publishing companies, to form one of the world's largest media companies. However, the company has experienced a severe drop in its market value since the merger, which came at the peak of the Internet stock price boom, and disgruntled shareholders had directed their ire at Case. The move will be made effective at the annual shareholders meeting in May, the statement said. The company said Case told Chief Executive Officer Dick Parsons and the board of directors of his decision over the weekend. Case will remain on AOL Time Warner's board of directors and co-chairman of its strategy committee. Joined Pizza Hut division of PepsiCo in 1982, where he managed new pizza development Joined Control Video as marketing assistant in 1983 In 1985, with colleagues from Control Video, launched Quantum Computer Services, which focused on providing online service for Commodore computer users. First, this company does not need distractions at this critical time, and given that some shareholders continue to focus their disappointment with the company's post-merger performance on me personally, I have concluded that we should take steps now to avoid the possibility of that effort hindering our ability to pull together as a team and focus fully on our businesses. Given this progress and the fact that we're moving into more of an execution phase, this seems like an appropriate time for me to announce that I will step aside. The founder of AOL concluded, "The bottom line is this: I love the company and will do whatever I can to make it successful. Both the Securities and Exchange Commission and the Justice Department are investigating the company's accounting practices.
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