Tim Armstrong (executive)
Timothy M. Armstrong (born December 21, 1970) is an American business executive. He was formerly the CEO of Oath Inc., then a subsidiary of Verizon Communications that served as the umbrella company of its digital content subdivisions, including AOL and Yahoo!. Previously, he was the CEO[2] of AOL Inc. from 2009 until its purchase by Verizon in 2015.
Tim Armstrong
Randy Falco (CEO of AOL)
Armstrong began his career in journalism, becoming known for his online advertising sales in the 1990s. He was appointed marketing director for Seattle-based online entertainment-and-news portal Starwave, which was acquired by Disney in 1998. He was vice-president of sales at the New York-based news-and-gaming company Snowball in 2000. He became Vice President for Advertising Sales at Google,[3] and later became President of Google Americas operations. He replaced the outgoing Randy Falco as CEO of AOL in 2009.
Education and early career[edit]
Between 1989 and 1993, Armstrong studied for a double major in Economics and Sociology at Connecticut College.[3] He played lacrosse, was on the rowing team, and coached the women's ice hockey team for four years.[3] He also studied at the Lawrence Academy, and became a trustee of both the academy and Connecticut College.[4][5]
After graduating in 1993, Armstrong was responsible for teaching high school students in summer classes at Wellesley College for a program called Exploration.[3] A colleague convinced him to pursue a media career,[6] which resulted in Armstrong establishing a financial newspaper for young people in Boston.[3] Titled Beginnings in Boston (BIB), this paper offered advice to young college graduates on entering the workforce. To finance the newspaper, Armstrong and friend Michael Dressler sold their mountain bikes and accumulated about $100,000 in debt. In the fall of 1994, Armstrong and Dressler closed down BIB to run a larger, rival newspaper, Square Deal at Harvard Square, following the death of its chief editor.[6]
Armstrong saw considerable potential for publishing online and earning revenue through advertising. He sold Square Deal and commenced working as an ad-sales director for I-Way,[6] run by the Boston-based International Data Group.[3] Armstrong was later appointed to Starwave, a Seattle-based online entertainment-and-news portal, in 1995. Disney acquired the firm in 1998.[6] Armstrong served as the Director of Integrated Sales and Marketing for Starwave's and Disney's ABC and ESPN Internet ventures. While at Starwave, he made his first $1 million online advertising deal with Columbia/HCA, a health firm.[6]
Google[edit]
In the summer of 2000, Armstrong was appointed Vice President of Strategic Partners at New York-based news-and-gaming company Snowball.[7] While there he became interested in Google Ads and arranged to meet its Chief of Sales and Operations, Omid Kordestani. Kordestani invited him to California to meet Sergey Brin and Larry Page, who subsequently appointed him as Vice President for Advertising Sales at Google.[3][6] He went on to hold the positions of President of Google's Americas Operations, and Senior Vice President of Google Inc. Armstrong has been credited for helping establish Google AdSense in 2005.[8] Armstrong led Google into display advertising, aided by a $3.1 billion acquisition of DoubleClick in 2007.[9] He used part of the wealth he amassed at Google to establish the New Jersey news website Patch Media, which was later acquired by AOL when Armstrong was appointed.[6]
Other work[edit]
Armstrong was involved as an angel investor in numerous projects. He is personal investor in the New York-based Tequila Avion,[30] and with AOL invests in Betaworks.[31] He serves on boards such as The Priceline Group, Inc. (appointed as director in 2013[32]), the Interactive Advertising Bureau (IAB), the Advertising Research Foundation, the Paley Center for Media, the New York regional board of Teach for America, the Waterside School in Stamford, Connecticut and is Chairman Emeritus for the Advertising Council, who bestowed upon him their 60th Annual Public Service Award in 2013.[4][5] He is the chairman of the IAB Education Foundation, described by AOL as "a new non-profit working to improve diversity and close the skills gap across the digital media and advertising landscape," and serves as an advisor to the consulting firm McChrystal Group.[4] On behalf of NYC Mayor Michael Bloomberg, he chaired Media.NYC.2020, which reviewed the future of the global media industry, the implications for NYC, and suggested actionable next steps for New York City's government.[33]
Still a keen sports enthusiast, Armstrong is a trustee for the United States Olympic & Paralympic Foundation,[4] and owns the Boston Blazers club which competes in the National Lacrosse League.[34]
He also co-founded the United Football League with Bill Hambrecht.[35]
Controversies[edit]
In August 2013, an audio recording was leaked of Armstrong offhandedly firing a Patch employee earlier that month during a conference call with over 1000 attending for taking a photo of the event.[36] Armstrong has publicly apologized for the firing of the employee since then but did not offer to reverse the firing or provide any compensation.[37]
In February 2014, Armstrong claimed that ObamaCare and two “distressed babies” increased healthcare costs for AOL by $7.1 million per year and that, as a result, 401(k) contribution benefits for rank-and-file employees would be modified so employees that left before the end of the year would receive no company contribution towards their 401(k).[38]