Steve Case Resigns From Time Warner Board
AOL co-founder and Time Warner board member Steve Case resigned from his position as a member of that board. He said he left to pursue his new company, Revolution LLC.
“The decision to leave the Board is a difficult one, because Time Warner is a great company, and I respect Dick Parsons and my fellow Directors. However, earlier this year, I launched a new company called Revolution, which is building innovative businesses that provide consumers with more choice, convenience and control. Leaving Time Warner’s Board will give me a greater opportunity to grow Revolution, including avoiding any potential conflicts of interest as Revolution moves into new areas.
Case’s decision to leave comes during a time of great turmoil for both Time Warner and its AOL division. Time Warner merged with AOL back in 2001. Case was chairman for a couple of years and step down and remained a member of the board of directors. At the time, it was hoped AOL would infuse some value into the Time Warner stock. Unfortunately, the stock continued to stagnate and remains virtually unchanged. Right now, Time Warner is in negotiations with companies over the future of AOL including Microsoft, Google. Yahoo and Comcast.
“As the co-founder of AOL, I continue to have a special pride and passion for AOL, and I strongly believe that AOL – once the leading Internet company in the world – can return to its past greatness. Over the past few months, I have been pleased to see a renewed focus on AOL at Time Warner, and the emergence of so many strategic alternatives
“Though I am leaving the Board, I will continue to be one of Time Warner’s largest individual shareholders. As such, I will remain actively engaged as strategies for AOL’s future are considered, and as steps are taken to maximize Time Warner shareholder value.”
Case built AOL into the powerhouse it was before the deal with Time Warner. How much input he’s had in the current shift of AOL’s business model is unknown although it is known that AOL has lost literally millions of subscribers in the last few years.
Case’s new venture, Revolution, invest in health and wellness ventures and pricey spas. He intends to devote most of his time to the new company.
John Stith is a staff writer for WebProNews covering technology and business.