Case departs from AOL
p2p news / p2pnet: Did he jump, or was he pushed?
Stephen M. Case, a founder of the deeply despised America Online and “an architect of the ill-fated merger with Time Warner,” says he’s quit Time Warner.
“Mr. Case gave up the job of chairman two years ago but remained on the company’s board despite the anger of shareholders,” continues the Associated Press. “The deal in 2000, in fact an acquisition of the larger Time Warner by the smaller AOL, led to huge write-downs, lawsuits by shareholders, regulatory scrutiny and a management purge.”
Case says he’s moving on “to devote more time to his healthcare and resorts company called Revolution,” says the New York Daily News.
“In the meantime, a much maligned AOL is now being pursued by a number of suitors including Yahoo, Google and Microsoft.”
Or as The Register sums it up, “Farewell, then Steve Case. The man who founded AOL and saved it from dotcom meltdown by turning it into a gigantic suicide truck aimed at Time Warner, finally left the board today.”
It adds, “So the King of the Most Disastrous tech merger in recent years will be able to spend more time with the Queen of the Second Most Disastrous… former Hewlett Packard CEO Carly Fiorina joined Case’s new venture, Revolution Health Group, in September. Case set up this investment vehicle, targeting the health and leisure markets, earlier this year.”
Carly and Steve? Shudder.
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See:-
Associated Press – AOL Founder Quits Time Warner Board, November 1, 2005
New York Daily News – Case exits from Time Warner, November 1, 2005
The Register – AOL founder finally prised out of Time Warner, November 1, 2005
