Still facing an investigation into questionable revenue statements from
online advertising, America Online Inc. has named a new executive vice president
and chief financial officer.
Stephen Swad -- who has served as executive VP of finance and administration
at sister company Turner Entertainment Group, as well as financial planner and
analyst for parent AOL Time Warner Inc. -- will take over the posts.
He will report to Joseph Ripp, who, since September, has served as the
company's executive VP and CFO. Ripp now assumes the post of AOL vice
Swad, 41, will oversee financial planning, analysis and reporting, as well as
tax planning and compliance for the struggling Internet-service provider.
"I've worked closely with Steve for a number of years, and he is a first-rate
financial analyst, strategist and manager," Ripp said in a company statement.
"From his prior work at AOL Time Warner, Steve already has a broad knowledge and
understanding of the AOL business, and he will hit the ground running on day
Financial issues abound for AOL, including ongoing investigations by the
Department of Justice and the Securities and Exchange Commission regarding the
accounting of certain online revenues.
In October, AOL announced that it would restate past earnings from the third
quarter of 2000 through the second quarter of 2002, cutting some $190 million in
revenue and $97 million in earnings.