Tim Armstrong, 37

AOL
Chairman and CEO

The media world was shocked when Time Warner (TWX) moved swiftly to oust both the CEO and chief operating officer of its long-suffering AOL division on Mar. 12. But few were surprised when Google (GOOG) advertising executive Tim Armstrong was tapped for the top AOL job. He has been credited with forging relationships with the advertising community that have been key to the search engine's growth. It was widely rumored Armstrong was itching for a CEO position.

While Armstrong still has to report to his overlords at Time Warner, it may be just a matter of time before he really is boss: Time Warner is mulling a spin-off of AOL. "It's hard to imagine another industry that will have a bigger impact on the world in the next 100 years than the one AOL plays in," says Armstrong, who started his career by co-founding a Boston newspaper.

Armstrong is tight-lipped about his strategy. So far, he's been holding meeting after meeting with his new colleagues, who are adjusting to their third CEO in as many years. A sociology and economics graduate of Connecticut College, Armstrong has something of a philosophical approach to managing. "It's important to have fun as a team," he says. "When it is time to hop in the pine box, you’ll wish you had high-fived more people and taken more risks."

--by Tom Lowry