Google senior vice president Tim Armstrong has been named the new chairman of America Online, officials said.
Armstrong replaces Falco. AOL president and chief operating officer Ron Grant will leave with Falco after a transitional period of a few weeks, The Washington Post reported Thursday.
AOL is owned by Time Warner.
"Tim is the right executive to move AOL into the next phase of its evolution," Time Warner chief executive Jeffrey Bewkes said in a statement. "At Google, 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."
Falco, a longtime NBC sales executive, was hired to take over AOL in late 2006, after former chief executive Jonathan Miller was ousted by Time Warner leadership.