Incredibly shrinking AOL is laying off 40, report says

From CNET News.com: AOL plans to layoff as many as 40 employees, and the cuts will come mostly from the company's instant-messaging and e-mail units, according to a published report.

Eric van Miltenburg, senior vice president of operations, and Jason Shellen, who was overseeing AIM, are also leaving, according to AllThingsD, which broke the story.

Tim Armstrong, AOL's chief, is supposed to be leading a turnaround of the company. In the past year, however, revenue has continued to fall as top executives shuffle in and out.

A company representative wasn't immediately available to comment.

AOL is now facing a challenge from an activist shareholder, according to AllThingsD.

Armstrong's tenure has also been marked by troubles at some of AOL's high-profile media acquisitions. AOL acquired The Huffington Post and tech news sites TechCrunch and Engadget.

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