After firing its ad sales head earlier this week, AOL stock has dropped at least 6 percent, hitting a 52-week low Wednesday morning.

According to media reports, shares of the ailing Internet company bottomed out on July 27 at $17.52. As of this writing on July 28, shares inched forward to $17.81. By comparison, one year ago, AOL shares were $27.65

On Monday, AOL’s CEO Tim Armstrong outlined several leadership changes in an internal email, including the departure of AOL’s president of global advertising and strategy, Jeff Levick.

As Business Insider points out, “maybe that sent the wrong signal to institutional buyers?”

Analysts say timing of the corporate reorganization announcement coupled with its impending second quarter earnings report have taken investors aback.

Ken Sena, an analyst with Evercore Partners, told AdWeek the timing of these events gives investors good reason to pause.

“The timing of the reorg following the analyst day gives the impression that it was less expected and so close to earnings, when there are already questions about their ability to deliver on full-year guidance numbers,” Sena said in the report.

Adding more uncertainty to the mix, Levick gave a presentation to investors last month on the company’s plans moving forward – but in his absence, investors may not be sure that AOL is charting the same course Levick outlined in June.

As TechZone reported earlier this week, Levick is being replaced by Ned Brody, the former executive vice president of paid services, who is taking on the newly created position of chief revenue officer and president of AOL’s advertising unit, according to the Associated Press.

AOL’s second quarter 2011 financial results will be announced on Aug. 9 at 8 a.m. ET.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.