AOL Time Warner chief executive steps down

AOL Time Warner chief executive Jerry Levin is stepping down.

He will be replaced by co-chief operating officer Richard Parsons, while Steve Case remains as chairman.

Mr Levin, 62, will retire at the company's board meeting in May 2002 following a six-month transition.

Mr Levin says: "After spending virtually my entire career at this great company, it is obviously a major decision for me to begin this succession process.

"But this is a step that I have been thinking about for some time and whose time has come.

"Given that we are almost a full year into the merger and that an outstanding management team is now in place at the company, I am convinced that AOL Time Warner should begin an orderly transition to a new era of leadership."

Mr Levin joined Time in 1972 to help develop a new cable service called Home Box Office. He was instrumental in the 1975 decision to distribute its programmes nationally by satellite.

Following Time's merger with Warner Communications in 1990, Mr Levin served as vice chairman and chief operating officer. He rose to become joint chief executive in February 1992 with Steve Ross.

When Mr Ross died in December 1992, Mr Levin took over as sole chief executive.

Mr Levin played a key role in the deal which created AOL Time Warner earlier this year.