Tim Armstrong, Google Senior Vice President, has been named Chairman and CEO of AOL.
Current AOL Chairman and CEO Randy Falco and President and COO Ron Grant plan to leave the company after a transition period.

Tim Armstrong was a member of Google's Operating Committee and served as the president of the Americas Operations. Under the Americas Operations, Armstrong's team managed publishers and advertisers' relationships and platforms. Mr. Armstrong was at Google early on and obviously would have not to work anymore. But there is more than money in life and to take over AOL is sure big challenge. Wired thinks he lost his mind. The Washington Post has a brief interview with Tim Armstrong about his decision to lead AOL.
Photo via Google. More details in this AOL press-release.