Susan Lyne, the CEO of AOL’s brand group, is stepping down, according to Re/code.
Lyne will now head up an AOL-owned venture fund that promotes women-fronted digital startups.
The “fully funded” and “relatively dormant” venture fund is tentatively called the Build Fund. It will invest in woman-run startups.
AOL told Re/code that investments will primarily be made in companies related to “consumer Internet areas, including e-commerce and media.”
Lyne left Gilt Groupe in February 2013 to come to AOL. Before that, she ran Martha Stewart Living Omnimedia. And prior to that, Lyne was a network executive at ABC. She oversaw the development of series like “Lost” and “Desperate Housewives,” Re/code reports.
Lyne doesn’t intend to waste any time getting started with Build Fund. “We are going to be investing very soon,” Lyne told Re/code. “This is not something that can wait many months — we need to develop a pipeline.”