Case Sees
Continuing Role at AOL
By THE ASSOCIATED PRESS
The NY Times, October 1, 2002
AOL
Time Warner chairman Steve Case expressed confidence about the troubled
media conglomerate's future on Tuesday, and indicated that he sees his role
at the company continuing.
At an investment conference sponsored by Goldman
Sachs, Case acknowledged that the past year has been difficult but said
the company he helped create has the right mix of businesses to succeed --
despite accounting questions at its America Online division and a struggling
stock price.
``I have tremendous confidence in AOL Time Warner and in our ability to
be the leader,'' he said. ``Unstoppable consumer trends are moving our way
providing real opportunity for growth.''
Case also sounded upbeat about his future at the company, although he did
not directly address speculation that he is under pressure to resign.
``I'm a little more active now than I might have been in the first year
of the merger because of the challenges the company faces now,'' Case said,
adding that he is meeting weekly with America Online's new chief executive,
Jon Miller, to help him understand the division and strategize.
Published reports have suggested that some of AOL Time Warner's board
members and largest shareholders are angry about the decline in the stock
price and want Case to leave. Case, who co-founded America Online, was a
primary architect of the AOL Time Warner merger in 2001. The company has
repeatedly denied the rumors, saying his position is secure.
Case did not discuss specifics concerning the government investigation
into accounting practices at America Online, other than to say that the
company's internal review continues and shareholders should get an update
later this month.
He admitted, however, that the challenges are significant. When asked to
rank the success of internal collaboration at AOL Time Warner on a scale
from one to 10, Case gave the company a 5. Collaboration between divisions
was a key selling point in the approval of the 2001 merger.
Case also said he sees opportunity in improving the quality of content
available to America Online subscribers, expanding the number of
subscriptions sold for high-speed Internet access lines, and increasing
e-commerce partnerships.
Also in the works, Case said, is a personalized television service and
digital music offerings.
In afternoon trading Tuesday on the New York Stock Exchange, shares of
AOL Time Warner fell 16 cents to $11.54.
FAIR USE NOTICE: This
page contains copyrighted material the use of which has not been
specifically authorized by the copyright owner. Global Action on Aging
distributes this material without profit to those who have expressed a prior
interest in receiving the included information for research and educational
purposes. We believe this constitutes a fair use of any such copyrighted
material as provided for in 17 U.S.C § 107. If you wish to use copyrighted
material from this site for purposes of your own that go beyond fair use,
you must obtain permission from the copyright owner.
|
