AOL's top advertising executive will be leaving the company, the chief executive confirmed to employees on Monday. The president of the company's global marketing and strategy, Jeff Levick, will be leaving the company after a six-week transition period, as a memo attained by Reuters has said. The present leader of the company's advertising network, Ned Brody, has since been promoted to chief revenue officer.
Tom Armstrong, AOL's chief executive, had this to say in the memo, procured by Reuters:
"We won't be hitting the pause button this week, we'll be on fast-forward."
At one point in history, AOL was the most visited destination on the Internet. However, its position is rapidly being taken over by Google and Facebook as well as Google-owned services, such as YouTube. AOL's advertising revenue for the fourth quarter dropped almost 30%, with Armstrong having ditched unprofitable inventory and revamped the sales team. AOL shares were trading at around $19.25 during Monday's afternoon stock trade.
Two other employees with the company, who had been hired only in October 2010, will also be leaving. Lauren Hurvitz, head of corporate communications, and Kathy Andreasen, the head of human resources will also be leaving the company. During the first quarter, AOL's presence online rose for the first time in three years. In spite of this, the company's advertising revenue still slipped.