After weeks of speculation, AOL Time Warner's board of directors okayed the proposal to change the company's name back to Time Warner on Thursday.
But he will remain director of the company with joint responsibility for corporate strategy.
It is the largest full-year loss in corporate history.
AOL Time Warner Inc said on Thursday that outspoken media mogul Ted Turner will stay on the company's board even after he steps down from his position as vice chairman in May, ending months of speculation.
Mergers are not just about balance sheets or marketing synergies; they are also about those who make the synergies real.