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AOL’s Jon Brod Steps Down as CEO of Patch Local-News Unit

Jon Brod, chief executive officer of AOL Inc.’s local-news division Patch, is stepping down from the role and will return to AOL Ventures, the investment arm.

Steve Kalin, Patch’s chief operating officer, will replace Brod, according to an internal memo from AOL CEO Tim Armstrong that was obtained by Bloomberg News. AOL is also cutting 40 of its 1,400 jobs, according to a person with knowledge of the plans who asked not be identified because the matter is still private.