AOL Time Warner Inc.'s board voted to elevate Richard Parsons to the top slot of
chairman and CEO, centralizing all of the power -- and responsibility -- in his
The move came by unanimous vote.
Parsons was president and CEO, and he replaces outgoing chairman Steve Case,
who helped to create America Online Inc. but is now taking the fall for the company's financial
slide and accounting scandals.
"After deliberating this week, the board unanimously agreed that Dick should
be named chairman. I am delighted by this decision and look forward to working
with Dick to ensure a smooth transition," Case said in a prepared statement
Parsons' appointment becomes effective May 16 at the company's shareholder
meeting, when Case's resignation also takes effect. Case will become a
The company did not immediately say if a president will be named to fill
Parsons' old slot.