Word: levins
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Dates: during 2000-2009
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...Levin, 62, kept his word last week in an announcement that caught the business world--including top executives at AOL Time Warner--by surprise. He announced that in May he will step down from his CEO post and from the board, and Parsons, 53, will replace him. Parsons has for 18 months split the job of chief operating officer with Robert Pittman, 47, who will now hold that post outright...
...succession puts both men in positions for which they are well suited by experience and temperament: the good-humored, diplomatic Parsons at the helm; the disciplined, hard-driving Pittman in the engine room. It also represents Levin's parting imprint on the culture of the merged company. And it has investors wondering how Parsons will lead AOL Time Warner, which has lost much credibility for clinging too long to unrealistic promises about how much it can earn in a sagging economy...
...magazines--reported to Pittman. Parsons got divisions, like books, music and movies, that customers bought on an old-fashioned per-use basis. He has since worked on President Bush's Commission to Strengthen Social Security--a high-profile post but far from AOL Time Warner's operations. When Levin appeared at investor conferences or on TV, Pittman was often at his side...
Pittman says he is happy with his new role as sole COO, which suits his intricate knowledge of the company. "I love operating; I can't stand getting too far away from the business," he says. "The only downside," he told Levin, "is that when it's announced, my ego may be smarting a bit, only because there's been so much speculation that I'm going to be the heir apparent...
...they have too little time and freedom to grow their businesses because they're made to sit through endless meetings seeking to "coordinate" with half a dozen other divisions and achieve vague "synergies." Some of his colleagues believe Parsons will be more open to spinning off assets than was Levin...