Tim Armstrong will remain an investor in Associated Content but is no longer chairman and no longer on the board, the company said late Friday. Board member Michael Perlis is the new chairman; Perlis is a partner at Softbank Capital and previously was president and CEO of Ziff Davis Publishing. No reason given yet for the change. Armstrong, Google (NSDQ: GOOG) president for advertising and commerce, has faced suggestions of conflict of interest over the company, with a business model based on paying for content that can be search optimized and used to generate revenue through Google AdWords, but Armstrong’s involvement came with Google’s approval. 

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