Steve Case Resigns From Time Warner Inc. Board
Steve Case, co-founder of America Online and former Chairman of Time Warner Inc.’s Board of Directors, has resigned from his position as a Time Warner director. Mr. Case issued the following statement regarding his departure:
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.
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.
Dick Parsons, Time Warner’s Chairman and Chief Executive Officer, had this to say:
On behalf of Time Warner’s Board of Directors and senior management team, I thank Steve Case for his years of distinguished service to our company. We have great respect for his long record of achievement — as a co-founder of AOL to a valuable member of our board. As Steve is one of our major individual shareholders, we’ll look forward to his wise counsel as the company continues to move forward. He will be missed.
[Sources: PR Newswire; Time Warner]