DULLES, VA, February 9, 1998 - America Online, Inc. (NYSE: AOL) today announced a series of organizational and management initiatives to build on AOL's combined strengths and capitalize on opportunities created by the Company's recently completed acquisition of CompuServe's Interactive Service and the sale of ANS.
- The Company's operations will be organized into three brand groups: AOL Interactive Services, CompuServe Interactive Services, and AOL Studios. Consolidating operations and infrastructure behind these three groups will enable AOL to create value more efficiently across its online and Web-based brands worldwide.
- Robert W. Pittman, President of AOL Networks, will become President and Chief Operating Officer of America Online, responsible for overseeing the entire Company's day-to-day operations.
- Ted Leonsis, President of AOL Studios, will be in charge of creating and developing original and local content for AOL's online and Web-based brands worldwide, including the AOL and CompuServe services and AOL.COM, as well as for future interactive platforms.
- Lennert J. Leader, AOL's Chief Financial Officer, will be appointed to the new position of President, AOL Investments, responsible for managing AOL's growing portfolio of investments in public and private companies, executing investment opportunities and guiding its merger and acquisitions activity. In his new role, Mr. Leader will continue to report to Mr. Case and will assume his new position following the appointment of a new Chief Financial Officer.
Steve Case, Chairman and CEO of America Online, stated, 'With the acquisition of CompuServe Interactive Service and the sale of ANS, we today are putting in place a new organizational structure that will extend AOL's global leadership in interactive services and content creation. The steps we've announced today build on what we've accomplished to date and will ensure that we are well-positioned for the next wave of consumer acceptance of the interactive medium' The full text of this release is available.