AOL chief executive Tim Armstrong told employees in an e-mail Saturday evening that he was reversing the company’s 401(k) policy and apologized for his controversial comments last week, the Washington Post reports.
The decision came after days of pressure on the company. Many employees were angered by a report by The Washington Post that retirement benefits were being changed.
Armstrong tried to explain the changes Thursday but instead stirred up more bad publicity when he blamed the new federal health-care law and medical expenses associated with two “distressed babies.”
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