Levick will be responsible for AOL's ad unit Platform-A, and for developing global revenue strategies.
His appointment follows that of Tim Armstrong, a well-regarded Google executive, who joined AOL as chief executive last month.
Armstrong and Levick worked together at Google for more than seven years. Levick will report to Armstrong.
Levick is replacing Coleman, who joined AOL in February this year as Platform-A president under AOL's previous chief executive, Randy Falco.
The appointment comes a day after Time Warner, AOL's parent company, said it expects to spin off all or parts of the internet firm, which it merged with in 2000 in a deal that has resulted in the evaporation of billions of dollars of shareholder value.
In a regulatory filing this week, Time Warner said: "Although the company's board of directors has not made any decision, the company currently anticipates that it would initiate a process to spin off one or more parts of the business of AOL to Time Warner's stockholders, in one or a series of transactions."
Time Warner said that it is still exploring its options, but expected to make a decision on AOL "very soon".
The announcement came as Time Warner reported its quarterly results, which revealed AOL's revenues fell by 23% year on year to $867m in the first quarter of 2009 due to a 27% decline in subscription revenue and a 20% fall in ad revenue.
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