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."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
