![]() The stock ended flat at $47.28 on Friday. Under Armstrong’s leadership, shares of AOL have soared, gaining 53 percent in the last 12 months. At the recent unveiling of the Wenda Harris. AOL reported $36 million in net income during the fourth quarter on $679 million in revenue. AOLs Tim Armstrong considers her contributions to the media and advertising world monumental, so to speak. In August, Armstrong issued an apology after publicly firing a Patch creative director in front of a thousand employees.Īrmstrong’s comments came on the same day that the company reported better-than-expected results and its best year of growth in a decade. It was the second time that Armstrong found himself on the defensive after making spontaneous comments during company meetings. All the letter said was ‘you misunderstood me,’” LaMotte said, adding that an executive should never single out a specific group of employees when trying to make an example.Īrmstrong’s comment was satirized by the technology blog Valleywag, which posted a graphic counting Armstrong’s multi million-dollar salary in units of distressed babies. “He could have easily set the record straight. Tim Armstrong, the former leader of AOL, is walking away with more than 60 million as he leaves Verizon Communications Inc. and implementing strategies that drove new business, market expansion and revenue growth for Cond Nast, AOL/Verizon, Google, and Tribune Broadcasting. ![]() he personally bought more than 30m worth. He said changes to the company’s 401(k) retirement plan were made in the wake of President Barack Obama’s healthcare law, which he said added $7.1 million in expenses for the online media and entertainment company. When Tim Armstrong replaced Randy Falco as CEO of AOL on March 12 2009, most independent observers felt that Armstrong was making a terrible mistake. “We had two AOL-ers that had distressed babies that were born that we paid a million dollars each to make sure those babies were OK in general,” Armstrong said, according to the Capital New York, which first reported the details. It marked the second recent instance when a gaffe by Armstrong left the CEO with some explaining to do.ĭuring the meeting, Armstrong singled out two unidentified employees who had babies with health issues in 2012 and their impact on AOL health costs, which he said had also increased because of “Obamacare” health reforms. REUTERS/Toby MelvilleĪrmstrong’s comments on Thursday during a company town hall meeting about why it was cutting 401(k) contributions caused a fire storm on social media, overshadowing positive quarterly results from AOL. Chairman and CEO of AOL, Tim Armstrong, speaks during the launch of the HTC One smartphone in London February 19, 2013.
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