New head of troubled AOL division announced
Wednesday, August 7, 2002
NEW YORK -- Former cable TV and e-commerce executive Jonathan F. Miller was named chairman and chief executive of AOL Time Warner Inc.'s troubled America Online division Tuesday.
The appointment is the latest move in a broader management shake-up to revive the ailing company.
The selection of Miller, a former executive at USA Interactive, reflects the company's desire to make more money through e-commerce. At USA Interactive, Miller, 45, oversaw Expedia, Hotels.com and other e-commerce operations.
"Jon's success in building consumer-driven businesses online and offline has given him the right blend of expertise and experience to revitalize America Online," AOL Time Warner CEO Richard Parsons said in a statement Tuesday.
Shares of AOL fell 18 cents to $9.77 in afternoon trading on the New York Stock Exchange.
The announcement follows months of questions about AOL's business model and accounting practices.
Last month, the company confirmed the Securities and Exchange Commission and the Justice Department are looking into its financial statements, particularly in the America Online division.
Miller succeeds Robert Pittman, the company's former chief operating officer, who had been heading the division on a temporary basis before he resigned last month.