NEW YORK - Steve Case -- of AOL Time Warner Incorporated -- says he will step down as chairman of the conglomerate he helped create. <br>
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AOL Time Warner -- which also owns CNN -- announced Sunday that Case will resign in May. He is the co-founder of America Online and one of the architects of its merger with Time Warner. <br>
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In a statement, Case says he would resign because ``some shareholders continue to focus their disappointment with the company's post-merger performance on me personally.'' <br>
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The announcement caps months of executive shuffles at the company and speculation as to how long Case would last. Case will remain on the company board and continue to co-chair its Strategy Committee. <br>
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Though the AOL Time Warner merger was promoted as an example of a new economy business reviving an old one, the influence of America Online on the company is waning. Many of the key proponents of the merger have left, been forced out or been demoted in the last year as investors have grown increasingly dissatisfied. <br>
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Investigations by the Securities and Exchange Commission and the Justice Department into AOL's bookkeeping practices have given investors even more reasons to stay away. <br>
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In October, AOL Time Warner said it would restate two years of financial results because of accounting practices at America Online, reducing revenue by $190 million.
