Unnamed sources tell the Wall Street Journal that AOL‘s (NYSE:AOL) chief operating officer plans to leave the Internet pioneer by the end of the year.
Investors weren’t happy the news, sending AOL shares down more than 2% in Thursday morning trading.
On Thursday, AOL unveiled a reorganization plan will decentralize the company’s management and do away with the COO position currently held by Artie Minson. The COO role was established for Minson less than a year ago. However, Minson has since disagreed with AOL CEO Tim Armstrong over the business strategies for key AOL properties.
Armstrong told the Journal that the management changes stemmed from last year’s plan to reorganize the company’s operations into three separate segments.
Minson will remain with the company until the new management structure is in place, continuing to head its membership segment.
Under the new restructuring Susan Lyne, a board member and former executive with Martha Stewart Living Omnimedia (NYSE:MSO), will run AOL’s high-traffic websites, including Engadget and TechCrunch.