Of course, Time Warner’s AOL has hired yet another Google veteran. That’s what the company does under the Tim Armstrong regime. Today’s example: Shashi Seth, the one-time “monetization” boss at YouTube, who was most recently running sales at Cooliris. His new job: Senior vice president of global advertising products, reporting to Armstrong’s lieutenant (and Google vet, natch) Jeff Levick.

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Vevo, the music industry’s attempt to create a Hulu-like hub for its videos, is going to attract a lot of eyeballs when it launches later this year. Here’s the guy who’s supposed to attract advertisers: David Kohl, a former Nokia executive who starts work today as the site’s sales boss.

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CEO Tim Armstrong says he’s still overhauling the Internet company in advance of its spinoff from Time Warner, but he has hopeful noises to make about ad sales. He has nothing, however, to say about chats with Microsoft.

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This isn’t the long-rumored round of mass layoffs, but AOL boss Tim Armstrong did let go of two executives today: COO Kim Partoll is out, as is John Kannapell, SVP of search and local media.

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How do you sell a business magazine that lost $43 million last year? Convince buyers that they could fire 20 percent of the staff without missing a beat.

That’s part of the pitch Evercore Partners has been making to investors on behalf of McGraw-Hill, which wants to dump BusinessWeek. Look out, copy editors!

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What happens to a start-up whose business never materializes? One option is to try to peddle the company based on the value of its human capital–aka the “acqhire.” Or would-be employers can simply wait for the start-up to flame out, then pick up the people they want on an a-la-carte basis. Did that just happen with Time Warner Cable and former Joost CTO Jason Gaedtke?

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Five months after Google sales boss Tim Armstrong left for AOL, his old company is still reshaping its sales group. The latest move: David Fischer, who ran the company’s core self-serve ad business, is going on sabbatical later this month and will return to a different post. Newish sales boss Nikesh Arora says he hasn’t found a successor for Fischer and will step into his shoes in the meantime.

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The owner of The Wall Street Journal tries to convince other publishers join up and charge readers for online news. Tough job! Even tougher: Creating news worth paying for.

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Forbes.com CEO Jim Spanfeller, who has run one of the Web’s biggest finance sites for the last nine years, is leaving the company at the end of the summer. No replacement has been named. Spanfeller’s departure comes amid a flurry of bad news for finance publications.

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Here’s the beginning of the inevitable online video shakeout: Joost, the once-hyped video service that was supposed to rival Google’s YouTube, is restructuring to focus on “white label” services, i.e., a back end for other video players.

The site is laying off the majority of its 100-plus employees, and CEO Mike Volpi is out, replaced by Matt Zelesko, who had been SVP of engineering.

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I don’t usually write about writers landing jobs, but I did want to point out that Jeff Bercovici, last seen writing the Mixed Media blog for Portfolio.com, has landed at DailyFinance, a site run by Time Warner’s AOL. Why do I care? Because it’s yet another sign that AOL is continuing to hire experienced writers and reporters to bulk up its sites as other publishers are slimming down or shutting down. And because it’s a nice change of pace from layoff stories.

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More ripple effects from Tim Armstrong’s departure from Google to run AOL for Time Warner: Tom Phillips, Google’s director of search and analytics, is out. No word on whether he has a new job lined up, but he apparently won’t be joining Armstong and former Googler Jeff Levick at AOL. Still, the chatter is that Armstrong will bring over more Google vets before he’s done making over his team.

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Here comes the second round of layoffs at Microsoft, following a first round that started in January. Today’s cuts will likely end up costing about 3,000 workers their jobs. Microsoft had previously warned that it would cut up to 5,000 jobs by 2010. The good news, says CEO Steve Ballmer: The newest round means “we are mostly but not all done” with layoffs. Here’s Ballmer’s memo to the troops.

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Doesn’t anybody want to sell ads for the world’s biggest media company anymore? David Rosenblatt, the former CEO of DoubleClick, who joined Google when it acquired his company last year, is leaving May 15. A person familiar with Rosenblatt’s plans says he doesn’t have a job lined up and plans to take the summer off. He’s the fourth top ad sales executive at Google to step down since March.

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Time Warner’s AOL can spin positive news out of the miserable results it offered up today. But Ann Moore, who runs Time Warner’s Time Inc. publishing business, will have a tougher time selling that story to investors and Time Warner executives. Will she need to make a second round of cuts?

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