Time Warner dumped the misbegotten team of AOL CEO and chairman Randy Falco and COO Ron Grant late Thursday and wheeled in Tim Armstrong, until that minute Google’s Americas sales chief, as CEO and chairman.

Google, remember, owns 5% of AOL bought at the cost of a billion dollars to keep Microsoft out. The companies also have a search ad deal.

According to the formal announcement, Armstrong’s supposed to help Time Warner “determine the optimal structure for AOL.” Given his heritage it probably won’t have anything to do with Microsoft.

One wonders if Google is keeping Armstrong’s chair warm since Time Warner CEO Jeff Bewkes is thought to favor a spin-off.