New York, Mar 03: America Online has named a Turner Broadcasting executive and AOL Time Warner Inc. veteran as its new chief financial officer, the latest sign the online giant's corporate parent is taking an active role in efforts to reposition the troubled business. Stephen M. Swad will take the job formerly held by America Online vice chairman Joseph Ripp, the company said Friday. Swad most recently was executive vice president of finance and administration for Turner Broadcasting System Inc., another part of AOL Time Warner.


Swad will report to Ripp, a one-time Time Warner executive who served as America Online's chief financial officer until he was promoted last year.
"I've worked closely with Steve for a number of years and he is a first-rate financial analyst, strategist and manager. I'm pleased that we were able to draw from the impressive talent pool within AOL Time Warner to attract someone of Steve's caliber," Ripp said in a news release. "From his prior work at AOL Time Warner, Steve already has a broad knowledge and understanding of the AOL business and he will hit the ground running on day one. Steve is a great addition to the executive team at AOL."

Swad joined Time Warner in 1998, serving as vice president and deputy controller. He also served as vice president of financial planning and analysis for AOL Time Warner, America Online's corporate parent, managing the company's budgetary and analysis process. His other work experience includes a stint as partner at KPMG LLP and deputy chief accountant with the US Securities Exchange Commission.

He is the latest executive with strong Time Warner ties to take a leadership role at America Online - part of a broad management shakeup that began nearly a year ago on concerns about declining revenues and business at the division. Also, this summer, the company announced some of the division's transactions were being investigated by the Securities and Exchange Commission and Justice Department.
As a result, America Online has appointed a new management team, led by Jonathan Miller, a former USA Interactive executive.


At the same time, former Time Warner executives have reasserted their control of the company, headed by chief executive and chairman-elect Dick Parsons. The highest-ranking AOL executive at AOL Time Warner, chairman and AOL co-founder Steve Case, recently announced he is stepping down as chairman and will have no official role in running the company.

"The company is taking proven Time Warner executives to AOL to manage the business as a more mature business as opposed to simply a growth vehicle," said Mark Zadell, a media and Internet analyst at Blaylock & Partners.
In trading Friday on the New York Stock Exchange, shares of AOL Time Warner rose 58 cents, or 5.4 percent, to close at $11.32. Bureau Report