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CFO and exec VP Steve Swad has quit AOL to "pursue an opportunity in the growing private-equity field." Swad came up in 2003 from Turner Broadcasting. He survived the recent AOL purges, but sadly, has not — as far as we can tell — posted any beefcake photos. No word yet on Swad's specific plans or his AOL replacement. Memo after the jump.

Thu, 15 Feb 2007 11:42 AM

Dear AOL colleague:

It is with regret that I write to announce that Steve Swad has decided to leave AOL.

Over the past four years as Chief Financial Officer, Steve has done a remarkable job of steering AOL across challenging financial terrain. During his tenure, AOL consistently hit or exceeded its financial targets, even while we were transforming our business in the face of a rapidly changing marketplace. Steve also helped with many of our key strategic acquisitions and was on the team that successfully concluded several regulatory issues AOL faced. In addition, Steve played an instrumental role in positioning AOL as a growing Web-services business.

Steve told me that having accomplished all this, he's now ready for new and different challenges. He said he's planning to pursue an opportunity in the growing private-equity field.

In the meantime, we're working to identify a candidate to replace Steve as CFO, and I expect to make an announcement about that in the near future. Steve will stay on a bit to ensure a smooth transition, and he leaves behind a strong team of seasoned financial professionals.

Please join me in thanking Steve for his many important contributions to the success of AOL and in wishing him all the best.

Randy