Richard Bressler, head of investments for AOL Time Warner Inc., is departing the media giant under pressure, The Wall Street Journal reports.
Bressler becomes the first high-level Time Warner exec to leave the company since it was formed in January. The Journal cites sources close to the situation saying the former chief financial officer of Time Warner who was head of the entertainment giant's digital media unit before the merger with AOL, is now a candidate for the chief financial officer job at Viacom. Viacom's chief financial officer, Fred Reynolds, recently decided to step down. A Viacom spokesman declined to comment.
His exit points to the preeminence of AOL execs in key spots with the new company. Bressler was a key figure negotiating the merger, but he was effectively benched as soon as the merger was announced in January 2000. He eventually was named to run the investments arm of the new company, reporting to AOL Chairman Steve Case. About three weeks ago, Case erportedly told Bressler his new role wasn't working out and he should look for another job, a source tells the Journal.