Former Chairman of the FCC Michael Powell (son of General Colin Powell) and investment banker William Hambrecht plans to join the AOL board of directors once the company spins off independently. Time Warner Inc. (NYSE:TWX) currently owns AOL as part of a $164 billion merger that took place in 2000.
The nine directors that will be part of AOL after the spin off also includes CEO Tim Armstrong. Michael Powell currently works for Providence Equity Partners LLC. Providence Equity is currently one of the major investors in Hulu too.
Hambrecht founded WR Hambrect + Co., an investment banking company that works with many Internet companies. Hambrecht has been working at the investment bank since about 1998.
Frederic Reynolds (retired CFO of CBS), Richard Dalzell (former Amazon.com exec), Karen Dykstra (Plainfield Asset Management partner), Patricia Mitchell (President/CEO of the Paley Center for Media), James Stengel (management consultant), and James Wiatt (former CEO of William Morris Agency) will also be joining AOL.