Steve Swad, the chief financial officer of Time Warner's AOL online division, has resigned to take a position with a private-equity firm.

Swad is the latest member of senior management to leave AOL as the online service restructures into a free service, MarketWatch reports. The Wall-Street Journal obtained an internal memo that stated Swad would stay in his current position until his replacement was named, and that his decision to leave was personal.

Swad was named AOL's CFO in 2003. The memo did not mention the firm that Swad will be joining.

Randy Falco was hired as AOL chief executive in November, replacing Jonathan Miller. Since then, several senior executives have resigned.