AOL’s Brand CEO Susan Lyne Steps Down to Run New VC Fund at Company
Susan Lyne has a new role at AOL.
The CEO of AOL’s brand group is stepping down from her role at the company to lead The BBG Fund, a new venture fund inside AOL that will look to invest in women-led “consumer internet” startups.
“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 statement. “In my new role, I am looking forward to contributing in a different way.”
As president of The BBG Fund, Lyne will lead seed and Series A investments in digital startups that focus on multi-platform media, services, and commerce. AOL did not disclose the size of the fund that Lyne will have to play with, but Recode reports that initially it could be between $10 million and $12 million. Remaining in New York, Lyne will continue to report to AOL chairman and CEO Tim Armstrong.
Prior to AOL, Lyne had served as chairman and CEO of Gilt Groupe and president, CEO, and director of Martha Stewart Living Omnimedia. Before MLSO, she held various roles at Disney, including president of ABC Entertainment.
With her role at the brand group now vacant, Maureen Sullivan, the company’s president of media brands, will continue to lead AOL.com as well as AOL’s lifestyle brands and money portfolio. Luke Beatty will oversee AOL’s technology, autos, and entertainment properties as well, and Arianna Huffington and Jimmy Maymann will continue to run The Huffington Post.Tags: AOL, Exec Moves, financing, Movers, Susan Lyne, Tim Armstrong, Venture Capital