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

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America Online


Time Warner

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


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Shares of AOL ended

New York Stock Exchange

trading up $2.75, or 7.5%, to $39.52.