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AOL Time Warner team set
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May 4, 2000: 8:17 a.m. ET
As expected, Case will be chairman of new company, Levin to be CEO
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NEW YORK (CNNfn) - AOL Time Warner unveiled its future management team Thursday, effectively splitting the company's top positions evenly among current executives from the Internet and media conglomerates.
As expected, America Online Chairman and CEO Steve Case will become chairman of the new company, with current Time Warner Chairman and CEO Gerald Levin assuming the role of chief executive officer. It was Case's offering the CEO position that helped sway Levin and Time Warner's board to agree to the $144 billion merger.
As CEO, Levin will be responsible for setting "the new company's strategy" while Case will focus his attention on building technological developments, policy initiatives and the company's global expansion.
Current Time Warner Vice Chairman Ted Turner will retain that position at the combined company, as will AOL Vice Chairman Kenneth Novack.
AOL President and Chief Operating Officer Bob Pittman and Time Warner President and COO Dick Parsons also will share responsibilities as co-chief operating officers.
Pittman, credited by many with helping broker the merger, will oversee the subscription services, advertising and commerce businesses following the merger while Parsons will manage the company's content businesses in film, television production, music and books.
 AOL (AOL: Research, Estimates) and Time Warner (TWX: Research, Estimates) still have several regulatory hurdles to clear before their merger, announced in January, can be completed. The companies just recently completed the public hearing phase of the Federal Communications Commission's review, and still must present their case to the Federal Trade Commission, which will determine if the deal violates federal antitrust laws.
The companies also must deal with AOL's staggering stock price, which has fallen more than 27 percent since the deal was announced, shaving almost $40 billion off the deal's value.
AOL shares lost 5/8 to close at 57-1/8 Wednesday, while Time Warner shed 13/16 to close at 85-5/16. 
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