On an ugly day for the entire tech sector (NYSE:XLK) down more than double the -o.95% dip in the Dow today, AOL (NYSE:AOL) is bringing up the rear once again. The company has shed -4.66% of its ticker price in trading today, hitting a new 52-week low of $17.62 per share. Investors are fleeing the first wave web stock after news broke yesterday that the company is re-organizing its upper management as a trio of top execs announced that they would be relinquishing their jobs. The most prominent AOL team member to go is Advertising and Sales Chief Jim Levick. He is joined by the departure of Human Resources Directer Kathy Anderson and Head of Corporate Communicates Lauren Hurvitz, says the Hollywood Reporter. Ned Brody, formerly the chief of advertising.com, was promoted to the role of Chief Revenue Officer, a position that will encompass Levick’s responsibilities.
See why shares of competitor IACI are up over 10%: IAC/InterActiveCorp Earnings Cheat Sheet: Tops Analysts’ Expectations.
“Today’s move simplifies our structure and better positions the company to deliver on our growth strategies,” an AOL spokeswoman said in a statement. “We have stabilized the foundation of the company over the past year and are now fully focused on executing on our core goals – leading in digital content, including mobile and video, and leading in brand advertising.”
“Since its separation from Time Warner Inc. (NYSE:TWX) in late 2009, AOL has made many management changes and shed thousands of jobs.The changes announced Monday come about five months after based AOL’s media chief David Eun departed following the company’s decision to buy news hub Huffington Post and name the site’s co-founder, Arianna Huffington, as its new head of content. (via SFgate).”