On January 11, 2001, Time Warner was purchased by AOL to become AOL Time Warner, a merger which Turner initially supported. However, the burst of the dot-com bubble hurt the growth and profitability of the AOL division, which in turn dragged down the combined company's performance and stock price. At a board meeting in fall 2001, Turner's outburst against AOL Time Warner CEO Gerald Levin eventually led to Levin's announced resignation effective in early 2002, being replaced by Richard Parsons. In contrast to Levin, who as CEO isolated Turner from important company matters, Parsons invited Turner back to provide strategic advice, although Turner never received an operational role that he sought. The company dropped "AOL" from its name in October 2003. In December 2009, AOL was spun off from the Time Warner conglomerate as a separate company.