Ex Google executive named CEO of AOL

Former Google executive Tim Armstrong was named the new CEO of AOL.

NEW YORK (CNNMoney.com) -- Tim Armstrong, a former Google executive, was named the new chairman and Chief Executive Officer of AOL, according to a statement released Thursday.

Time Warner's chairman and CEO Jeff Bewkes announced that the former Senior Vice President of Google would take the helm. AOL is owned by Time Warner (TWX, Fortune 500), the parent company of CNNMoney.com.

"At Google (GOOG, Fortune 500), Armstrong helped build one of the most successful media teams in the history of the Internet - helping to make Google the most popular online search advertising platform in the world for direct and brand marketers," said Bewkes in a written statement. "He's an advertising pioneer with a stellar reputation and proven track record."

Armstrong worked at Google since 2000, and he opened the first Google branch outside of the Mountain View, Calif. headquarters. Armstrong was the president of Americas Operations and a member of Google's Operating Committee.

One media analyst was very encouraged by the new CEO. "We are very surprised that they were able to attract someone of his pedigree," said Richard Greenfield, media analyst at Pali Research.

"I think investors will be very excited by his potential to reinvigorate AOL," said Greenfield.

The current AOL chairman and CEO, Randy Falco, and the President and COO, Ron Grant, will leave AOL after a transition period.