Steve Swad leaving AOL for a private-equity firm

Steve Swad leaving AOL for a private-equity firm

AOL Chief Financial Officer Steve Swad has announced his decision to leave his position at the internet giant. He would be joining a private equity firm.

He would be the latest of the AOL senior executive to leave the company in the recent times. Chief Executive Randy Falco has been cited as saying in the media that he would stay at the company till they can find a suitable replacement.

Falco wrote in a company memo: “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.”

The name of the company he is leaving for has not been revealed to the media.

Swad became the CFO of AOL in 2003. He was earlier the executive vice president at Turner Broadcasting System Inc.