Local Business Digest: AOL names board for Time Warner split

EXECUTIVES

AOL names board for Time Warner split

Preparing for an upcoming spinoff from Time Warner, AOL said Monday that it has named a new board that will include Michael K. Powell, former chairman of the Federal Communications Commission.

Time Warner, which was initially purchased by the Internet company in 2001, said in May that it would spin AOL off as a separate company after years of trying unsuccessfully to integrate the two companies.

AOL said it appointed nine directors, including Powell, who served as head of the FCC from 2001 to 2005; Patricia Mitchell, president and chief executive of the Public Broadcasting Service from 2000 to 2006; and Bill Hambrecht, founder and chief executive of financial services company WR Hambrecht & Co.

AOL chief executive Tim Armstrong will be chairman.

The new directors will officially join the board after AOL separates from Time Warner, which is expected to take place around the end of the year.

Time Warner shares fell 5 cents, or 0.2 percent, to $30.73.

-- Associated Press