AOL Time Warner
confirmed the departure of Richard Bressler, the company's head of investments.
Bressler will be the first executive to leave the Internet and media company since
in January in a deal worth $106 billion. Prior to working at the new company, Bressler was Time Warner's chief financial officer. He had a large role in the merger, according to published reports.
Ken Novak, the vice chairman of AOL Time Warner, will serve as interim investment chief.
The Wall Street Journal
reported Friday that Bressler was on the short list to serve as the new financial chief at
Shares of AOL ended
New York Stock Exchange
trading up $2.75, or 7.5%, to $39.52.