Thomas Middelhoff, chairman-CEO of media company Bertelsmann AG, resigned from America Online's board of directors, saying it was "inappropriate'' to continue as an AOL board member since AOL's merger partner, Time Warner, competes directly with Bertelsmann. Mr. Middelhoff was elected to the AOL board in May 1995, the same year Bertelsmann and AOL formed AOL Europe, a joint venture to deliver interactive services across Europe. AOL immediately elected AOL Vice Chairman Kenneth J. Novack to fill the vacancy. Bertelsmann retains a 0.65% stake in AOL.
Copyright January 2000, Crain Communications Inc.