Feb. 10 (Bloomberg) — It was another rough week for Tim Armstrong and AOL Inc.'s HR department.
AOL's chief executive officer had to backtrack on a 401(k) policy change, after his comments defending the idea fueled an employee outcry. Armstrong last week said AOL needed the retirement-plan tweak to help offset health-care costs, such as two employee pregnancies that resulted in "distressed babies" with more than $1 million each in medical expenses. Over the weekend, he reversed the 401(k) decision in a memo to employees.
"We heard you on this topic," Armstrong, 43, said in the memo. "I made a mistake and I apologize for my comments."
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