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Google Ad Vet Tim Armstrong Replaces Randy Falco As Chairman And CEO; Grant Out, Too

This story was written by Staci D. Kramer.
So much for the Randy Falco three-year planAOL (NYSE: TWX) is starting over again with Google (NSDQ: GOOG) ad vet Tim Armstrong as chairman and CEO of the struggling Time Warner unit, replacing Falco. Also out: President and COO Ron Grant. This time around, Time Warner Chairman and CEO Jeff Bewkes is going for digital media experience and loads of it. As Google SVP, Armstrong was a member of Google's Operating Committee and served as the president of the Americas Operations. Falco, on the other hand, came from NBC Universal (NYSE: GE) and was TV all the way. The news was announced after the market closed, making Falco and Grant two more pinkslips in a week full of them for the constantly shrinking unit. Release.

Bewkes: "Tim is the right executive to move AOL into the next phase of its evolution. At Google, Armstrong helped build one of the most successful media teams in the history of the Internethelping to make Google the most popular online search advertising platform in the world for direct and brand marketers.  He's an advertising pioneer with a stellar reputation and proven track record. We are privileged to have him preside over AOL as its audience and programming businesses continue to grow and its advertising platform expands globally. He'll also be helpful in helping Time Warner determine the optimal structure for AOL."  More to come

By Staci D. Kramer