Verizon announced Wednesday that Tim Armstrong, the CEO of the company’s media and advertising business, Oath, will step down from his position in October.
Armstrong, who has been at the helm of Oath since 2017, but previously led AOL since 2009 and remained in his position as CEO in 2015 when Verizon acquired it, will be replaced by Oath’s President and Chief Operating Officer K. Guru Gowrappan on Oct. 1. Gowrappan will report to Verizon’s CEO Hans Vestberg.
Armstrong will stay on at the firm until the end of year, the company said.
Vestberg said in a statement that Gowrappan has proven his experience in scaling businesses globally and will be tasked with leading Oath in a new “exciting phase of growth.”
Armstrong, who joined AOL in 2009 and was named Oath’s CEO in 2017, has led Verizon’s digital media and online advertising platform business, and the growth of some of its consumer brand arms such as Yahoo, RYOT, TechCrunch, HuffPost and MAKERS.