Jonathan Miller was one year into a new three-year contract.
Time Warner has ousted AOL chairman and CEO Jonathan Miller, replacing him with longtime NBC Universal vet Randy Falco.
Falco, formerly the president and COO of NBC Universal Television Group, takes the top spot at AOL that Miller has held for four years. He will be responsible for continuing AOL's transformation from subscription-based access provider to ad-supported media company.
"A key to Time Warner's digital future, AOL is showing early success in transitioning to an advertising-focused business model, and Randy is a first-rate choice to ensure AOL realizes its promise," Dick Parsons, Time Warner chairman and CEO, said in a statement.
At NBC, Falco had commercial and operational responsibility for the television group, including working with advertisers, affiliates and distribution partners. He also led the National Broadband Company (NBBC) online video distribution business the company launched in September. Falco had worked for NBC since graduating college more than 30 years ago, holding several executive positions with NBC's television properties and Olympics efforts.
Miller was one of the primary architects of AOL's new strategy, which Parsons said earlier this month was showing progress. He was one year into a new three-year deal with Time Warner, after he successfully brought stability after a string of CEOs were hired and fired.
Apparently, Time Warner bosses felt that Miller's operational abilities did not match his strategic strengths. In a statement, Time Warner president and COO Jeff Bewkes praised Falco's past successes in operations, business development, video programming and advertising-supported businesses. "Randy brings the right tools to run AOL at this important time in its history," he said. At the same time, Parsons praised Miller for his "far-sighted leadership", and Bewkes credited Miller for contributing to the turnaround strategy.
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Wednesday, July 23, 2014