AOL Latin America

(AOLA)

said the president of

AOL Brazil

, Manoel Amorim, will leave the company after a short transition period.

Reports indicated that Amorim will join a unit of Spain's

Telefonica

(TEF) - Get Report

, but a representative of AOL Latin America couldn't be reached for comment.

Amorim is the second president to leave AOL Brazil. Francisco Loureiro stepped down last December, three weeks after the company's service in Brazil was launched.

AOL Latin America, which went public in August, was formed as a joint venture between

Cisneros Group

and

America Online

(AOL)

. The company's shares were recently down 6 cents, or 1%, to $5.88 in

Nasdaq

trading.