Gerald Levin, CEO of AOL Time Warner, has given notice that he will retire from his post in May, at the time of the company’s annual meeting. Richard Parsons, co-chief operating officer, will succeed him, while Steve Case remains active as chairman.

Levin’s decision to depart marks the end of an era. He originally joined HBO in 1972 as VP of programming and went on over the next three decades to oversee the mergers between Time and Warner, the purchase of the Turner Broadcasting System and, most recently, the union of Time Warner – by then a formidable media and cable company – and internet giant AOL.

Case noted in a previously released statement, ‘All of us at AOL Time Warner and the industry at large owe Jerry Levin a huge debt of gratitude for his role in building this great company.