AOL Time Warner executives at an 'executive retreat' in a Manhattan hotel discussed changing the company name back to what it was before AOL acquired it, Time Warner, according to an MSNBC report. CEO Richard Parsons previously said the company had no plans to change the name. However, feelings among the management still run high because of the tribulations that ensued following Time Warner's agreement to be purchased by the one-time Internet phenom. The company's share price has declined 70% since the acquisition, the Justice Department and the SEC are both conducting investigations into accounting irregularities, and the company's 2002 losses were the largest in American corporate history. AOL execs were initially given all the most powerful positions after the acquisition but most, including chairman Steve Case and COO Bob Pittman, have been deposed. Time Warner executives have now even been put in charge of the dicey America Online operation.
The executives at the retreat participated in panel discussions about innovation, discussed various strategies to meet financial targets and cut the company's onerous $26 million debt and listened to leadership advice from former Gulf War commander Norman Schwarzkopf, according to MSNBC.
Speculation is that the company may sell off some of its operations to reduce its debt load including CNN, its Atlanta sports teams, Warner Music Group, the book publishing operation and its stake in two cable TV channels, Comedy Central and Court TV.
