AOL chief financial officer Steve Swad will join a private-equity firm and become the latest senior manager to leave as the Internet company tries to transform itself into an online advertising conduit, an Associated Press report said.
The Associated Press report quoted an In an internal memo, AOL CEO Randy Falco said Swad will stay with the company until a replacement is in place. He described the decision as voluntary and personal.
'Steve played an instrumental role in positioning AOL as a growing Web-services business,' Falco was quoted in the report as saying. 'Steve told me that having accomplished all these; he's now ready for new and different challenges.'
Falco did not name the firm Swad will join.
Swad, 45, became CFO in 2003 following a stint as an EVP at Turner Broadcasting System, which like AOL is a unit of Time Warner, the report further said.