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AOL Founder leaves TW board

AOL founder Steve Case announces Monday he is resigning from the board of Time Warner Inc. Case is one of the people responsible for the merger of AOL and Time Warner. He stepped down as chairman in 2003.

Case has played a key role in erasing more than $200-billion in shareholder value from the stock. He has also been the target of two government probes into its accounting. Leading Internet companies have been vying to acquire a stake in AOL.

Case says, "I strongly believe that AOL - once the leading Internet company in the world - can return to its past greatness. Over the past few months, I have been pleased to see a renewed focus on AOL at Time Warner, and the emergence of so many strategic alternatives."