Tim Armstrong, Google Senior Vice President, has been named chairman and CEO of AOL effective yesterday, we’ve learned. Current chairman/CEO Randy Falco and president/COO Ron Grant will leave the company after a transition period. Not much of a “transition”—Armstrong starts in less than a month—April 7. Looks like all that speculation was correct.

Full release after the jump, but meanwhile, hat tips to Kara Swisher (Boomtown) and Peter Kafka (Mediamemo) at allthingsd.

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