NEW YORK (CNN/Money) - Some top executives at AOL Time Warner Inc. are seeking to have outgoing chairman Steve Case and some of his allies removed from the board of directors, according to a published report.

The New York Post, citing unnamed sources, says that the executives, who also weren't identified, want Case, the founder of America Online and architect of the merger that created the company, to be removed from the board at the shareholders meeting set for May 16. Also reportedly targeted for removal are Kenneth Novack, vice chairman and a former director of America Online, and Miles Gilburne, also a former director at AOL who is a managing member of ZG Ventures LLC.

Case announced in January he is giving up the chairman post at the company but that he intends to remain on the board.

The company faces probes by the Securities and Exchange Commission and Department of Justice over its accounting practices at America Online. The company already has restated $190 million in past advertising revenue due to the probe and has admitted that the SEC is examining whether about $400 million in advertising booked from Bertelsmann was properly recorded as revenue.

The Post report says top-level company executives have been vocal recently in arguing that removing Case along and his allies would help the company overcome its various troubles. But the paper admits that the executives are relatively powerless to remove Case unless they win support of major investors who previously had pushed Case to give up the chairmanship.

It said it is unclear if these investors will push for Case's removal from the board. But the paper quotes sources close to the company as saying CEO and Chairman-designate Richard Parsons would back those efforts if they were started by someone else.

AOL Time Warner reported stronger-than-expected first-quarter earnings Wednesday and said it is on track to hit full-year financial targets.

Shares of AOL Time Warner (AOL: Research, Estimates) gained 41 cents to $13.31 Tuesday ahead of the report.