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AOL Faces Revolt From 2 Investors

May 10, 2003|From Bloomberg News

AOL Time Warner Inc. Chief Executive Richard Parsons is facing a revolt from two of the company's biggest investors as they plan to vote against some directors in protest of auditing issues, board independence and a plunge of more than 70% in share value since 2001.

The California Public Employees' Retirement System said it won't vote for five directors of AOL Time Warner. Gordon Crawford of Capital Research & Management, AOL's biggest shareholder, will oppose the reelection of three board members, including Chairman Stephen M. Case, people close to the matter said.

Shares of New York-based AOL fell 14 cents to $13.02 on the New York Stock Exchange. Parsons will face investors at AOL's annual meeting next week.

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