After fighting and even whining to stay at the company, Ted Turner said he
will step down as vice chairman of AOL Time Warner Inc. Turner plans to resign at
the same time as chairman Steve Case, at the company's annual meeting in May.
"As you know, I have devoted much of my life to philanthropic interests and,
more recently, to several socially responsible business efforts," Turner said in
a prepared statement. "Over the last five years, it has become even clearer to me how
much personal satisfaction I derive from these activities. Therefore, I would
like to now devote even more time, effort and resources to them."
It's not like being vice chairman was a full-time heavy-lifting job. It gave
Turner a voice in the company, but no one was reporting to him.
Former CEO Jerry Levin was planning to ax him last year, but his replacement,
Dick Parsons, asked him to stay.
Turner got his post as part of Time Warner Inc.'s takeover of Turner
Broadcasting System Inc.