AOL Inc. (AOL: Quote) said Friday that Artie Minson, Jr. has been promoted from Chief Financial Officer to Chief Operating Officer, overseeing the firm's plan to form three operating units, namely, AOL Membership Group, Content Brands Group and the Advertising.com Group.
According to AOL, this new role and operating structure will allow it to go deeper on its "focus on profitability, coordinated business execution, and resource allocation" across its brands and services.
Minson will continue to report to Tim Armstrong, Chairman and CEO. The company is actively looking for a new CFO. AOL has engaged Peter Crist to help fill the role of the finance chief, and Minson will continue to serve as CFO until new leadership is effective.
Commenting on the appointment Tim Armstrong said, "Artie is a world-class leader and proven operator who has played a key partnership role with me over the last three years at AOL. He has significantly improved our balance sheet, cost structure and tax profile, helped unlock significant value for shareholders via asset sales at great prices and led a number of acquisitions..."
The AOL Membership Group will include the teams that serve AOL account holders, both free and paid members. AOL's distinct and unique content and service brands will be part of the Content Brands Group. Each of the content brands will have distinct plans for innovation and growth.
The Advertising.com Group will continue to have AOL's B2B services and network businesses like ADTECH, Pictela, GoViral, 5Min and The AOL On Network. It will continue to focus on product innovation and scale to accelerate clients' and advertisers' businesses.
The corporate areas of the business such as sales, technology, corporate communications, brand marketing, finance, legal, and human resources will continue to report to Armstrong. They will be focused on supporting AOL's operating units.
The company has begun the process to prepare detailed profitability information for each of the operating groups. The process is expected to be completed by the end of the year.
AOL closed on Thursday at $27.50, up from the prior close of $27.31, on a volume of 3.37 million shares.
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by RTT Staff Writer
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