AOL Time Warner chairman to step down in May

AOL Time Warner chairman Steve Case announced late Sunday he will step down from his post in May, in a move he says is "in the best interest of the company."

Explaining his decision, Case said he had concluded steps should be taken to avoid shareholder criticism of him from "hindering our ability to pull together as a team and focus fully on our businesses."

Case, who oversaw the merger of AOL and Time Warner in a move approved by the Federal Communications Commission in January 2001, is to continue as a member of the AOL Time Warner board.

The merger was worth 155 billion dollars at the time of the announcement in January 2000, and was approved later that year by European regulators.