Ted Leonsis, the AOL senior executive who helped steer his company's transition into a provider of free services supported by advertising, will step down from active management while continuing in an advisory capacity, an Associated Press report said.
According to the report, Leonsis, 50, currently vice chairman of AOL and president of its ad-focused audience business, said he still planned to work every day but wanted to avoid burnout by reducing the need to attend constant meetings and pore over reports over the weekend.
Dropping those duties would let him devote more time to such interests as sports and films, he said.
He is majority owner of hockey's Washington Capitals and a minority owner of basketball's Washington Wizards. He is also producer of the documentary "Nanking," scheduled to premiere next year.
Leonsis, who would retain his title of vice chairman, said he would remain influential as a visionary and strategist after the change takes effect January 1, the report said.
AOL is not expected to name a replacement.