AOL Has a Case For Dismissal
WinInfo | at | by Mike
According to a report in the New York Times today, several directors of AOL Time Warner are seeking the ouster of chairman Steve Case, who previously headed online giant America Online (AOL) when it was a separate company. The enigmatic Case, however, is resisting the challenge, the report says, and it's possible that he has enough support on AOL Time Warner's board to remain in power: Three quarters of the board would need to vote for his ouster in order for the change to be made.
AOL Time Warner shares have fallen over 70 percent since the two companies combined in an historic corporate merger earlier this year. Adding to the company's financial woes are high-profile investigations by the Securities and Exchanges Commission (SEC) and US Department of Justice (DOJ), both of which believe AOL misled Time Warner shareholders by illegally inflating AOL's value.