Word: pittman
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...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...
Parsons' rise would have been hard to predict back in May 2000, when the executive positions for the newly merged AOL Time Warner were announced. He and Pittman were given the same title, but it was Pittman who got the plum assignments. Subscriptions were seen as the future of the company, and the divisions that relied on them--the AOL online service, cable TV, the Time Inc. 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...
...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...
...cross-selling subscriptions and advertising and running promotions for Time Warner content on AOL. Last summer a promotion on AOL is credited with boosting box-office returns for The Perfect Storm. Perhaps the best success so far has come from collaboration between Time Inc. president Don Logan and Pittman, who engineered a scheme to sell magazine subscriptions via AOL. So far, the combination has produced more than 500,000 orders...