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By Jim Hu, 20 September 2002 08:07

NEWS AOL Time Warner chairman Steve Case will retain his title and position in the company following a closely watched company board meeting on Thursday. "He's still chairman," said AOL Time Warner spokesman Edward Adler, responding to speculation that some board members have begun to seek his removal. "Everything else is just unfounded rumour and speculation." Case's future with the company has been in the spotlight since reports surfaced this week that he might be the target of a coup attempt by some of the company's most powerful shareholders. "Clearly there's a huge power shift going on," said Paul Kim, an analyst at Kaufman Bros. "It's clearly being leaked by someone who wants it up there, so right now it's up to Steve Case if he wants to stay or leave." Although Case is still chairman of the company after Thursday's meeting, this doesn't mean he is in the clear. The battle over the chairman's future could intensify over the coming months, leading up to AOL Time Warner's annual shareholders meeting. The issue could reach a crossroads when AOL Time Warner directors come together to vote on whom to renominate to the company's board. This slate will then be included in a company proxy, which is mailed to shareholders prior to the annual meeting. The proxy outlines issues that call for a shareholder vote, such as director re-election and investor initiatives. Shareholder votes, or proxies, are tallied at the annual meeting. Even if Case retains support and is renominated as an AOL director, shareholders can always launch a proxy fight to unseat him or withhold votes for his re-election. Investors interested in putting the issue on the proxy ballot are generally required to submit a request 90 to 120 days prior to the board meeting, according to the company's bylaws. A number of influential shareholders are looking for management change. This includes Ted Turner, a board member and the largest individual shareholder; Gordon Crawford, a portfolio manager for investment firm Capital Research and Management; and John Malone, chairman of Liberty Media, according to two sources close to the company. Jim Hu writes for News.com. Dawn Kawamoto also contributed to this report