AOL reboots brass

Banks, Gang lifted amid revamp push

AOL Time Warner reshuffled management at America Online on Wednesday as it ramps up efforts to get the giant Internet service provider back on track.

Company promoted two execs: James Banks becomes exec VP of operations for AOL Interactive Services, and David Gang was appointed exec VP for product marketing. Both will report to Jimmy de Castro, the recently anointed prexy of AOL Interactive Services.

Move comes at a turbulent time for AOL, as revenues were hit hard by the advertising recession and subscriber growth lagged. Company has also been slow to ink distribution pacts with other cable operators for its broadband service. Troubles have been highly publicized and contributed to a steep dip in the stock price of AOL TW.

Last month, parent company chief operating officer Bob Pittman replaced Barry Schuler as head of AOL, with a mandate to engineer a turnaround.

Richard Parsons, who formally takes the reins as CEO of AOL Time Warner this week, has promised to update investors on Pittman’s progress soon. He’s likely to address the issue at AOL TW’s annual meeting scheduled for today in Gotham.

Banks, who was previously prexy of the AOL Web Properties Group, will lead the development of AOL’s online products and services including channels and e-commerce. Joel Davidson will replace him at the AOL Web Properties Group.

Gang, a former senior VP of strategic development at AOL, will oversee product strategy across America Online brands.