Internet publishing business AOL, which owns the Huffington Post and TechCrunch, has appointed Karen Dykstra as chief financial officer (CFO) and also named Hugh Johnston, PepsiCo’s executive vice president (EVP) and CFO, as a director.
Dykstra, who has served as a board member since 2009, replaces Arthur Minson, who was promoted to chief operating officer (COO) in June to reorganise AOL’s operations. She will no longer remain on the board, said the company, which added that Johnson will bring consumer retail expertise to his role as director.
AOL added that Dykstra, a former partner at hedge fund Plainfield Asset Management from 2006 to 2010 where she held various roles, including CFO and COO, will also serve as a key member of the executive team in addition to her new position of CFO.
In response to a slump in sales earlier this year, AOL agreed in April to sell and licence patents to Microsoft, which will receive more than 800 patents and related applications from the company. AOL announced stock buyback agreements and a special cash dividend last month as part of its steps to return about US$1.1bn to shareholders. The move has helped to lift AOL’s stock price, which has more than doubled this year.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.