Tim Armstrong Fnally Got Rid Of Patch, And Wall Street Loves It

Yesterday, Tim Armstrong finally gave up on Patch.

This was hard for him to do. He founded the local news network as a startup, then brought into AOL as an acquisition, and then funded with hundreds of millions of dollars.

But today, a day after Armstrong killed his baby, AOL stock is up ~8% and hitting record highs.

Clearly, shareholders are giving Armstrong credit for eventually making the right call.

(Likewise, analyst reports this morning were full of praise for Yahoo CEO Marissa Mayer for finally getting rid of her expensive COO.)

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.