As CEO of AOL, Tim Armstrong's reputation as a tech-industry wizard is seriously battered. AOL's stock is down 37% this year, and the company's value is down $1 billion since it spun off from Time Warner. Still, some experts say he could redeem himself if he could sell AOL for a decent price. "The best outcome is that he sells the company honorably and without dismal losses. Then he exits as a quasi-hero whose job was to reposition the company," says Mark Jaffe, president of executive search firm Wyatt & Jaffe.

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