AOL Time Warner on Sunday said that Steve Case would step down as chairman of the company following the shareholders' meeting in May, but remain as a director of the company with joint responsibility for corporate strategy.
Case, the architect of the troubled mega-merger of America Online and Time Warner, in a statement said that his role as chairman had become a "distraction" for the world's largest media company in the face of disappointment with its post-merger performance.
The company said that Case notified CEO Dick Parsons and the board of directors of his decision over the weekend. Case will remain a member of AOL Time Warner's board of directors and continue as co-chair of its strategy committee.
The embattled executive said that under a new leadership team AOL Time Warner could focus on executing the company's various strategies.
"Given this progress and the fact that we're moving into more of an execution phase, this seems like an appropriate time for me to announce that I will step aside," Case said.
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