Media mogul Ted Turner ended weeks of speculation by announcing that he intended to remain a director at AOL Time Warner Inc. while holding to his plan to step down as vice chairman of the entertainment giant in May.
Turner formally informed the board of his decision at its meeting Thursday in New York. Earlier this week, he said he believed that his media experience would continue to be helpful, particularly during the Iraq war.
Chairman and Chief Executive Richard Parsons had been pressing the outspoken Turner to stay on the AOL Time Warner board. Wall Street investors also were worried that Turner, who has been selling company stock lately, might quit and dump the bulk of his remaining shares.
Turner, who has publicly criticized the handling of the 2001 AOL Time Warner merger, abruptly announced his intention to leave the vice chairman's post in January.