UPDATE, 7:18 AM: “This is a significant milestone for us and for the future of the company” CEO Tim Armstrong said this morning after his victory over Starboard Value’s Jeffrey Smith at the shareholder meeting in Boston. He called the election of the management-endorsed board candidates “a clear indication” that investors “believe the value of the company will be larger in the future than it is today.” That doesn’t mean the criticism will end. “There’s going to be a noise layer for the business on a go-forward basis because we’re in the media business.” But he intends to be “very careful about costs, very careful about revenues.” Meanwhile, AOL wants to add two members to the board: an exec with experience in the tech-mobile world, and another with financial or technical operating skills. Armstrong says he’d consider the Starboard Value candidates — but it sounded like they shouldn’t hold their breaths. “We have other shareholders who have been putting in nominees,” he says. Also the company has hired exec search firm Spencer Stuart. Armstrong expects to close the process “within the next 12 months.” (more…)