CAROL COSTELLO, CNN ANCHOR: Some big news from the tip-top of our parent company, AOL Time Warner Chairman Steve Case says he's resigning. With more on this story, here is CNN's Greg Clarkin.</s>GREG CLARKIN, CNN FINANCIAL NEWS CORRESPONDENT: Steve Case had fended off many challenges to his power in recent months, but at this point, Case giving in, resigning his role as chairman of America Online Time Warner. That would be effective May at the company's annual shareholders' meeting. Now, Case had become something of a poster child for the failed and unfulfilled promises of this merger. Also, he becomes something of a poster child for the stock which has seen significant losses. AOL shares are down 54 percent in the last year alone. Case, in a statement released tonight, saying that stepping down is in the best interest of the company. He went on to say, this company does not need distractions at this critical time, as it tries to rebuild itself. Now, America Online with no shortage of major issues, there are still two government investigations ongoing. The Department of Justice has one; the Securities and Exchange Commission has the other -- both of those looking into accounting issues at America Online. So, again, Case stepping down before the annual shareholders' meeting in May. It was felt that a lot of his opponents may mount a more sustained challenge to him, leading up to that shareholders' meeting in May when the shareholders will have a chance to vote on Case's role. Case saying that he'd be stepping down now, so as not to become a distraction to the company. Once again, Steve Case leaving effective May as chairman of AOL Time Warner. Greg Clarkin, CNN Financial News, New York.
AOL's Steve Case Resigns as Chairman