AOL Brand CEO Steps Down To Run Venture Fund For Women-Led Startups
AOL announced that Susan Lyne will relinquish her role as CEO of the company’s brand group to lead AOL’s newly established BBG Fund focused on early-stage investments in women-led consumer Internet start-ups.
“As head of AOL Brands, I had the opportunity to contribute to the growth and profitability of our portfolio of premium brands,” Lyne said in a prepared statement. “In my new role, I am looking forward to contributing in a different way.”
With the BBG Fund, AOL is “investing in women as builders, part of a broader initiative to bring more women and girls into tech,” the company said.
The fund will make investments focused on women-led multiplatform media, services and commerce. Initially, AOL will allocate $10 million for the BBG Fund (which stands for “Built by Girls”). Lyne, previously EVP and CEO of AOL’s Brand Group, will remain based at the company’s headquarters in New York City and will report to AOL chairman and CEO Tim Armstrong.
“Susan has done an excellent job in her time at AOL at a board and operating level, and we are excited to be putting her vast skills and expertise to work to replicate this success at The BBG Fund,” Armstrong said.
AOL cited its previous investment in women-focused content, including the MAKERS original series, Thrive, Global Motherhood and the Cambio/Girls Who Code program. With the BBG Fund, AOL is “investing in women as builders, part of a broader initiative to bring more women and girls into tech,” the company said.
The BBG Fund is part of a broader initiative that Lyne will introduce next month at the Ad Week industry forum next month in New York, according to AOL.
WILAB LOVES is a series of articles and blog posts from across the web that Women’s iLab supports. This article was written by Todd Spangler and published on Variety on September 2, 2014.
Originally posted 2014-09-03 13:00:06. Republished by Blog Post Promoter