Tim Armstrong started his new gig Wednesday as the third CEO of AOL (NYSE: TWX) in less than three years, a challenge under the best of circumstances—and these are far from the best.  During a recent interview, Time Warner Chairman and CEO Jeff Bewkes described his latest high-level hire’s dual track in coming months: “He should run the business better and keep the competitive position going up and we should look at structures to see what’s the best capital structure, whether independence for AOL may be more successful.” Time Warner started the groundwork for that possible spinoff this week.

Plus he has to do it against the backdrop of a tough ad environment and a loud soundtrack of doubters. But Armstrong told his staff Bewkes and the Time Warner leadership “are putting their full support behind making AOL as successful as it can be. Now it is up to us to deliver on AOL’s full potential.”

The Google ad vet laid out his plans for the first 100 days, from meetings in three cities this week to an All-Hands session in Dulles in mid-July, in a memo obtained by Kara Swisher. Armstrong told me the day he got the job that one thing he hopes he can do better than anyone else is listen and that’s it sounds like he’ll be doing. On the slate:

—Meetings in New York, Dulles and a Town Hall in Baltimore.

—Visits to all AOL’s global offices (the international structure was being dismantled during the last days of Randy Falco and Ron Grant.)

—The mid-July meeting in Dulles, where “we’ll review the feedback we’ve received–both internal and external. We’ll also discuss our strategic direction for the coming years, and highlight areas that will bring AOL and AOL properties into the next decade of digital leadership. Most importantly, we will set a course and focus all of our resources to make that course a success.” (Yes, he says “coming years.”)

One down; 99 to go.

• Google Ad Vet Tim Armstrong Replaces Randy Falco As AOL Chairman And CEO; Grant Out, Too
• AOL React: Armstrong And Coleman? Or Oil And Water; Pali’s Greenfield: ‘Tyranny Ends’
• Interview: Tim Armstrong, Chairman And CEO, AOL: ‘Job #1 Is To Focus On The Core Business’