According to an announcement by Time Warner's Chairman and CEO Jeff Bewkes, AOL will soon have a new Chairman and CEO - Tim Armstrong, the Senior Vice President of Google's sales business in North America and Latin America.

Taking over from AOL's present Chairman and CEO Randy Falco, and President and COO Ron Grant, Armstrong will hold the company's reins after a brief transition period.

The replacement move, resulting from AOL's deplorable performance for quite some time, puts a big onus on Armstrong to turn the company around, more so as he has literally laid down the strong foundation of Google's massive online advertising business.

With Armstrong joining AOL, the key focus would likely be on AOL's hatchling internet search engine. According to Reuters, Armstrong's main task would revolve around preparing AOL to draw out of its parent company, Time Warner, and either stand up on its own or collaborate with an associate.

While Bewkes said: "Tim is the right executive to move AOL into the next phase of its evolution;" Armstrong said: "I'm very excited about the opportunities presented in leading AOL. The company is well positioned to enhance those assets into a larger share of the Internet audience and advertiser communities. I look forward to collaborating with Jeff Bewkes and his team as we explore the right structure and future for AOL."