Barry Schuler is leaving his position as chairman and CEO of America Online to head up a new digital services development group for AOL Time Warner, the company said today.

Bob Pittman, who ran America Online's operations before the AOL Time Warner merger, will take over Schuler's operating responsibilities at AOL, while maintaining his responsibilities as COO-elect of AOL Time Warner. Schuler is also expected to continue reporting to Pittman.

Dick Parsons, the CEO-elect of AOL Time Warner, said he and Pittman asked Schuler to head up a new Digital Services Development Group in order to focus on new interactive products that could be a major source of AOL's future growth.

The group will be looking at developmental programs for home networking solutions, digital home services such as digital music delivery, and other critical interactive products, Parsons said in a statement.

The move comes as Wall Street grows increasingly concerned over the slumping stock price of AOL Time Warner, amid signs of slowing growth among dial-up customers within the flagship AOL.

Schuler became chairman and CEO AOL in January 2001 after the merger of AOL and Time Warner was completed. Before that, he was president of AOL's interactive services group.

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