Levin stepping down as CEO of media giant

Wednesday, Dec. 5, 2001 | 10:35 a.m.

NEW YORK -- In a surprise move, AOL Time Warner Inc. Chief Executive Gerald Levin will step down in May as head of the world's largest media company and will be replaced by co-chief operating officer Richard Parsons.

Steve Case will remain as chairman, while the company's other co-COO, Robert Pittman, will become the sole COO, the company said today.

In an e-mail sent Wednesday to company employees, Levin said he made his decision after a year of discussions with the company's board about succession issues and "much personal reflection."

Levin was the driving force since the late 1980s behind the former Time Inc.'s transformation into a multimedia powerhouse through its combination with music and moviemaker Warner Communications Inc., its acquisition of Ted Turner's cable empire and its marriage with Internet powerhouse AOL.

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