• by Masha Geller , May 15, 2002

Today will be a big day for AOL Time Warner. Richard Parsons will officially take over as chief executive from retiring Gerald Levin. Robert Pittman, the original America Online chief will be named corporate chief operating officer, having been dispatched to head up the faltering AOL unit, and given a mandate to focus on near-term growth rather than the long-term business.

And late yesterday afternoon, a day before its annual meeting, AOL Time Warner Inc. announced more management changes in the AOL unit, which is struggling with slowing growth and slumping revenue.

According to the announcements, James Bankoff was named executive vice president, operations, AOL Interactive Services, and David Gang was named executive vice president, product marketing.

Bankoff, previously president of the AOL Web Properties Group, replaces Katherine Borsecnik, and will lead the development, coordination and management of AOL online products and services. These include content channels, design and features, and e-commerce initiatives.

Bankoff and Gang will report to James de Castro, who runs the flagship AOL online service as president of AOL Interactive Services. As Dow Jones put it, “De Castro's hiring last month was the latest sign of how AOL Time Warner is trying to bring in new blood from traditional media to help its online operations adapt to the changing environment.”

The big question is, will any of this help AOL? We won’t have to wait long to find out.