Time Warner Inc. (NYSE:TWX) stated today that they have named Google Inc. (NASDAQ:GOOG) SVP and President of American Operations as the new Chairman and CEO of AOL.  AOL’s current Chairman and CEO Randy Falco will be leaving along with President and COO Ron Grant.

“Tim is the right executive to move AOL into the next phase of its evolution. At Google, Armstrong helped build one of the most successful media teams in the history of the Internet — helping to make Google the most popular online search advertising platform in the world for direct and brand marketers. He’s an advertising pioneer with a stellar reputation and proven track record. We are privileged to have him preside over AOL as its audience and programming businesses continue to grow and its advertising platform expands globally. He’ll also be helpful in helping Time Warner determine the optimal structure for AOL,” stated Time Warner Chairman and CEO Jeff Bewkes.

[via Sys-Con]

AOL CEO Randy Falco has presented a list of goals to achieve for 2009.  Over the last decade, AOL has been transitioning from an ISP to a content production company powered by advertising.  AOL’s revenue has been hit hard as their it has dropped 23% in the 4th quarter. AOL had to also lay off 10%, or 700 employees as a result.  Quite a few executives have been quitting and shuffling in the process as well. Below is the full memo that Falco sent to AOL employees (after the jump via WSJ):

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