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AOL Names Susan Lyne to Its New Board of Directors

AOL today named Susan Lyne, Chief Executive Officer of the online luxury retailer Gilt Groupe, Inc., to serve on its Board of Directors. Lyne and nine members named on October 26 will join the AOL Board when the separation from Time Warner is complete.

AOL Chairman and CEO Tim Armstrong said: „Susan?s record of excellence as a leader in the brand space, the Internet and as a media executive will bring exceptional value to the work of the AOL Board as we pursue our strategy to deliver the best content and services to our audiences and advertisers. As a CEO, Susan is consistently recognized as one of the top executives in business, and her presence will strengthen our already very strong Board of Directors.?

Lyne spent more than two decades as a media executive before joining Gilt Groupe as CEO in September 2008. Gilt, which debuted in November 2007, has rapidly established itself as one of the leading online fashion and travel retailers in the U.S. with more than 1.5 million members.

Before joining Gilt Groupe, Lyne served as President, CEO and director of Martha Stewart Living Omnimedia, Inc. from November 2004 to 2008. Lyne previously served in various positions at Walt Disney Company beginning in 1998, rising to President of ABC Entertainment. Her early career was spent in the magazine industry, where Lyne was Managing Editor of New Times and The Village Voice and, in 1987, created and launched Premiere magazine. Lyne also serves as a Director at the New School in New York. In 2006, The Wall Street Journal named Lyne one of its „50 Women to Watch.“

The directors named to AOL?s Board of Directors previously are: Tim Armstrong (Chairman), Richard Dalzell, Karen Dykstra, William Hambrecht, Patricia Mitchell, Michael Powell, Fredric Reynolds, James Stengel and Jim Wiatt.

On May 28, 2009, Time Warner Inc. announced that its Board of Directors had authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. Following the proposed transaction, AOL would be an independent, publicly traded company. Time Warner has indicated that it aims to complete the proposed transaction around the end of this year.

About AOL
AOL is a leading global Web services company with an extensive suite of brands and offerings and a substantial worldwide audience. AOL?s business spans online content, products and services that the company offers to consumers, publishers and advertisers. AOL is focused on attracting and engaging consumers and providing valuable online advertising services on both AOL?s owned and operated properties and third-party websites. In addition, AOL operates one of the largest Internet subscription access services in the United States, which serves as a valuable distribution channel for AOL?s consumer offerings. AOL LLC is a wholly owned subsidiary of Time Warner Inc.

Contact:
AOL
Tricia Primrose
703-265-2896
tricia.primrose@corp.aol.com
AOL
Alysia Lew
212-652-6376
alysia.lew@corp.aol.com

AOL Announces Key Hires Ahead of Separation from Time Warner

AOL announced today it has completed its financial leadership team as it prepares to separate from Time Warner Inc. and become a publicly traded company. Mike Suffredini has joined AOL as Vice President and Treasurer, with Eoin Ryan joining as Vice President of Investor Relations. Don Neff, currently a Senior Vice President of Finance at AOL, will take on the role of Senior Vice President of Internal Audit. AOL also announced that Ned Brody is rejoining the company as Executive Vice President of Paid Services.

„Mike, Eoin and Don all bring great strengths and experience to their roles, and I?m delighted to have them on our team as we move toward becoming an independent, public company,? said Artie Minson, AOL?s Chief Financial Officer. „I?m also thrilled that Ned is returning to AOL to lead our paid services efforts. Ned has a great history with AOL, and I am confident he will contribute significantly to AOL?s future growth.?

Suffredini joins AOL from Discovery Communications, Inc., where he was Senior Vice President and Treasurer, responsible for capital markets, treasury operations, financial risk management and insurance. He was previously Vice President, Treasury, at Purdue Pharma, L.P., and before that was Treasurer at Sony Corporation of America. Suffredini has also held treasury positions at PepsiCo, Inc. and Revlon, Inc.

Ryan was Vice President, Investor Relations, at IAC, which operates more than 50 leading and diversified Internet businesses. Ryan guided IAC?s Investor Relations department through five high-profile spin-offs and oversaw all financial communications. He was previously Director, Capital Markets Intelligence, at Thomson Financial. Ryan officially joins AOL later this month.

Neff joined AOL in 1996 and most recently served as Senior Vice President, Finance, overseeing AOL?s advertising operations. Neff previously headed corporate financial planning and analysis, as well as finance for the company?s Digital Services Group. He also spent two years as Vice President of Finance and Controller for AOL?s international operations, overseeing joint venture operations in Europe, Latin America and Asia, and prior to that served in the company?s accounting policy group. Neff began his career in the audit practice of Ernst and Young.

Brody was founder and CEO of ARPUInc., which focuses on enabling a superior advertising and ecommerce experience for consumers, advertisers and publishers. Prior to founding ARPUInc., he worked at AOL as Senior Vice President of AOL?s Premium Services unit, where he was responsible for developing and launching new services and building a new API-driven billing system. Earlier in his career, Brody was CFO of LookSmart.

Brody and Ryan will report to Minson. Neff will report to the Audit Committee of the Board of Directors and administratively to Minson. Suffredini will report to AOL?s Senior Vice President and Controller, Doug Horne.

On May 28, 2009, Time Warner Inc. announced that its Board of Directors had authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. Following the proposed transaction, AOL would be an independent, publicly traded company. Time Warner has indicated that it aims to complete the proposed transaction around the end of this year.

About AOL
AOL is a leading global Web services company with an extensive suite of brands and offerings and a substantial worldwide audience. AOL?s business spans online content, products and services that the company offers to consumers, publishers and advertisers. AOL is focused on attracting and engaging consumers and providing valuable online advertising services on both AOL?s owned and operated properties and third-party websites. In addition, AOL operates one of the largest Internet subscription access services in the United States, which serves as a valuable distribution channel for AOL?s consumer offerings. AOL LLC is a wholly owned subsidiary of Time Warner Inc.

Contact:
Pamela Rucker Springs
703-265-6139
pamela.springs@corp.aol.com
Alysia Lew
212-652-6376
alysia.lew@corp.aol.com