Tim Armstrong is a seasoned executive with a remarkable career. He served as the CEO of AOL from 2009 to 2015, leading the company through a significant transformation.
Armstrong's tenure at AOL was marked by strategic acquisitions, including the purchase of The Huffington Post in 2011. This acquisition expanded AOL's reach into the digital media space.
Armstrong's experience in the tech industry spans over two decades, with a focus on digital media and online advertising.
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Biography
Tim Armstrong is the former CEO of AOL and Oath, a subsidiary of Verizon Communications. He served in this role from 2009 to 2017.
Armstrong was a key figure in the development of the online advertising industry. He helped AOL transition from a dial-up internet service provider to a major online media company.
Born in 1966, Armstrong's early career was marked by stints at various advertising and media companies, including the advertising agency Chiat/Day and the online content provider NetMarket.
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Career
Tim Armstrong's career is a testament to his entrepreneurial spirit and innovative approach to business. He started his career by co-founding and running a newspaper in Boston, Massachusetts.
He then joined IDG to launch its first consumer Internet magazine, I-Way. Tim's early experience in the industry laid the foundation for his future success.
In 1995, Armstrong was appointed marketing director for Starwave, an entertainment and news software and website company based in Seattle, Washington. He secured his first million-dollar online advertising deal with HCA Healthcare, Inc.
Armstrong's leadership skills were soon recognized, and he was appointed vice president of advertising sales for Google in 2000. He played a key role in negotiating AOL's acquisition by Verizon Communications for $4.4 billion in 2015.
As president of Google Americas, Armstrong oversaw the company's North American and Latin American advertising sales, marketing, and operations teams. He was a member of Google's Operating Committee and worked closely with some of the world's most widely recognized brands and advertising agencies.
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In 2009, Armstrong joined AOL as its president and CEO, where he took the company public with a listing on the New York Stock Exchange. He also acquired several notable companies, including The Huffington Post, Engadget, and TechCrunch.
Armstrong's tenure at AOL was marked by significant growth and innovation, including the launch of Patch, a news and information platform he founded in 2007. He served as CEO of AOL until 2018, when he departed Verizon.
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Awards and Recognition
Tim Armstrong has received several notable awards for his contributions.
In 2015, Tim was awarded the Life Achievement Award at the Corporate Social Responsibility Awards.
His dedication to public service has also been recognized by The Advertising Council, who awarded him their annual Public Service Award in 2013.
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Financial Information
Tim Armstrong's financial dealings at AOL were quite impressive. He owned 1% of AOL's total outstanding shares, which is roughly 1 million shares, in 2010.
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He believed the company was undervalued and used his own funds to aggressively buy more shares. In 2011, he paid $10 million of his own money to buy 500,000 more shares.
A year later, he bought another 500,000 shares for $12 million. At the time of the AOL acquisition by Verizon in 2019, Tim owned 5.5 million shares.
Verizon paid $50 a share, which worked out to a $275 million pre-tax windfall for Tim.
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News and Boards
Tim has served on several prominent company boards, including the Priceline Group, Inc. and the Interactive Advertising Bureau.
He's also a trustee for the United States Olympic & Paralympic Foundation, which is a significant commitment to giving back to the community.
Tim's business experience is evident in his leadership roles, such as serving on the boards of the Advertising Research Foundation and the IAB Education Foundation.
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Verizon's Oath CEO Departure
Verizon's Oath CEO Departure was a significant event that occurred in 2018.
The CEO of Oath, a subsidiary of Verizon, was Tim Armstrong, who stepped down from his position in June 2018.
Armstrong's departure marked the end of his five-year tenure as CEO of Oath, which was formed by the merger of AOL and Yahoo.
The company's board of directors named Bob Lord as his replacement, and he took over as CEO of Oath in June 2018.
Under Lord's leadership, Oath continued to operate as a subsidiary of Verizon, with a focus on digital advertising and media.
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Boards
Tim has served on several prominent company boards, including the Priceline Group, Inc.
He's also a trustee for the United States Olympic & Paralympic Foundation.
One notable board he's a part of is the Interactive Advertising Bureau.
Tim's involvement with the Advertising Research Foundation is also worth mentioning.
He owns the National Lacrosse League's indoor lacrosse team, "The Boston Blazers", based in Boston, Massachusetts.
The Waterside School in Connecticut is another educational institution where Tim serves on the board.
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