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AOL Time Warner CFO downgraded
Sent to divisional backwaters...

By John Oates

Published: Friday 02 November 2001

AOL Time Warner's chief financial officer has paid the price for his company's disappointing year.

Michael Kelly will take up his new role as chief operating officer at America Online, the company's internet division, and will be replaced as CFO by Wayne Pace.

Pace is currently with Turner Broadcasting Systems, another AOL Time Warner company.

AOL Time Warner was forced to issue a profits warning in September when it revised its expected earnings increase, down from 30 per cent to 20 per cent.

The company insisted the change of personnel was unrelated to its financial performance.