Diane Merigamas put the question to AOL leader Don Logan last week.
Logan responded : "When you don't believe in the business and the future of the business anymore. "
More info on the bright side here.

Down in Dulles, the rumor mill is buzzing as usual. From the department of completely unvalidated gossip, the following tidbits were passed along:
--Jon Miller will be replaced by summer '04.
--Ted Leonosis will also move out of the picture.
--The layoffs at AOL aren't over yet (are they ever?)