(Associated Press via NewsEdge) Ted Leonsis, the AOL senior executive who helped steer his company's transition into a provider of free services supported by advertising, will step down from active management while continuing in an advisory capacity.
Leonsis, 50, currently vice chairman of AOL and president of its ad-focused audience business, said he still plans to work every day but wants to avoid burnout by reducing the need to attend constant meetings and pore over reports over the weekend.
Dropping those duties would let him devote more time to such interests as sports and films, he said.
He is majority owner of hockey's Washington Capitals and a minority owner of basketball's Washington Wizards. He also is producer of the documentary 'Nanking,' scheduled to premiere next year.
Leonsis, who will retain his title of vice chairman, said he will remain influential as a visionary and strategist after the change takes effect Jan. 1.
AOL CEO Jonathan Miller credited Leonsis as 'the driving force' behind the shift in business models at AOL.
Over the past two years, AOL has been making more and more of its services free, to boost advertising revenue and offset declines in its subscription-based Internet access business. The transition accelerated last month with AOL's decision to give away AOL.com email accounts and various software once reserved for paying subscribers.
AOL is not expected to name a replacement.
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