AOL Time Warner Replaces CFO
In a surprise move, AOL Time Warner Inc. removed Mike Kelly as chief financial officer of the media conglomerate, transferring him to serve as chief operating officer of its Internet business, which has been hit by slowing growth.
Kelly moves from a position with oversight over the financial functions of the entire company to managing day-to-day operations of one business unit-albeit its largest as measured by revenue.
Wayne Pace, CFO of its Turner Broadcasting Systems unit, was named as Kelly’s replacement, reporting directly to Chief Executive Gerald Levin. Kelly, filling a newly created position, will report to America Online CEO Barry Schuler.
The move, effective immediately, comes after AOL Time Warner said in September that it would not meet its aggressive 2001 growth targets. .
Shares of AOL Time Warner closed up $1.54, to $32.64 on the NYSE.