updated 5/10/2010 2:30:44 PM ET 2010-05-10T18:30:44

AOL Inc. on Monday named Julie Jacobs as its general counsel, replacing Ira Parker, who is making a transition to an advisory role with the Web services company.

Parker had served as AOL's chief legal officer since 2006, a period that included the company's separation last year from Time Warner Inc.

Jacobs, who will also hold the title executive vice president, joined AOL in 2000 and most recently served as senior vice president and deputy general counsel. In her new role, the 43-year-old will report to Chairman and CEO Tim Armstrong.

Jacobs joined AOL from the law firm Milbank Tweed Hadley & McCloy.

Shares of AOL rose 90 cents, or 4.1 percent, to $22.66 in afternoon trading.

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