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AOL executive retires
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February 5, 2002: 9:18 a.m. ET
Jonathan Sacks, head of Interactive Services, leaving for personal reasons.
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NEW YORK (CNN/Money) - AOL Time Warner's America Online unit soon will see the first departure of a high-ranking executive since the company merged with Time Warner, according to a published report Tuesday.
Jonathan Sacks, president of AOL Interactive Services, said he plans to retire in the coming months for personal reasons, according to the Wall Street Journal.
AOL CEO Barry Schuler announced Sacks' resignation in an internal e-mail and credited Sacks with establishing AOL's music service. Sacks "saw the potential of music and worked hard to assemble the AOL music team," Schuler wrote, according to the paper. "Now AOL Music is the No. 1 online music destination � by far."
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Sacks' plans for retirement follow those of Jerry Levin, chief executive of AOL Time Warner, who said he will retire in May, as previously reported. Richard Parsons will succeed Levin as CEO of the world's largest media company.
Sacks told the Journal he will stay with the company until a successor is found, which he hopes will be in a few months.
He also said he plans to pursue a Ph.D. in English literature and spend more time with his family, according to the paper.
Sacks joined AOL in 1998 as head of programming, where he was in charge of news, features and other online content, according to the Journal.
"It's time for me to go on to Act III," Sacks told the paper. "Act III is personal growth and getting back to the things I care about."��
Shares of AOL Time Warner (AOL: Research, Estimates), the parent company of CNN/Money, fell $1.74 to close at $24.24 Monday. 
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