AOL's named Google Senior Vice President Tim Armstrong as its next chairman and chief executive officer. Current Chairman and CEO Randy Falco and Chief Operating Officer and President Ron Grant "plan to leave the company after a transition period," Time Warner said in a statement.
Time Warner Chairman and CEO Jeff Bewkes said, "Tim is the right executive to move AOL into the next phase of its evolution."
"He is an advertising pioneer with a stellar reputation and a proven track record," he said.
Bewkes also said, "under Ron and Randy, AOL's programming sites exhibited year-over-year growth in unique visitors for 23 consecutive months."
But, all hasn't been well with the previous regime, which was marked by executive departures and thousands of jobs lost, The New York Times reported Friday.
The company's revenues from its subscription business has "dwindled," the Times said.
Armstrong told the Times he was taking advantage of a timely opportunity.
"I'm 38 years old and this gives me the opportunity to move on my own and lead a company forward," he said.
Notable deaths of 2014 [PHOTOS]
GM recalls 221,000 Cadillacs and Impalas