An era comes to an end with the resignation of AOL-TW chairman Steve Case. Says WSJ: “The departure of Mr. Case, effective in May, represents a coda to America Online’s short-lived and unsuccessful reign over Time Warner. Initially heralded as a sign of the new Internet era, the deal quickly became a failure as America Online’s business badly stumbled and cultural clashes between the two companies led to severe infighting. The stock price of the combined company has plummeted, wiping out nearly $200 billion in market value in the past two years.”
The AOL-Time Warner deal in January 2000 was a defining moment in business history – an Internet company acquiring one of the world’s largest media conglomerates. It also made most CEOs and managers sit up and take notice of the New Economy (if they hadn’t already noticed the booming Net valuations by then!)
Things have changed a lot since then. The Internet has melded more in the background and there really isn’t a “New Economy” or an “Internet way of doing business”.
Case is only 44 years. So, it will be interesting to see what he does next.