AOL Makes Board Member Its New CFO

Karen Dykstra replaces Artie Minson, who became COO in June.

AOL said Wednesday it has appointed Karen Dykstra as its CFO.

Dykstra, who has been a member of AOL's board of directors for nearly three years, replaces Artie Minson, who became the company's COO in June.

With her CFO appointment, she'll resign from the board. AOL said Pesico CFO Hugh Johnston was elected as a new board member, and CEO Tim Armstrong said at the Goldman Sachs Communacopia conference in New York that AOL seeks two more directors.

Dykstra is based in New York and reports to Armstrong.

"My team is in place, the company is returning to growth, and the market is taking notice," Armstrong said. "It's full steam ahead for AOL and our stable of brands."

Shares of AOL rose 2.5 percent on Wednesday to $34.60, a 52-week closing high.

Dykstra is a former COO and CFO for Plainfield Direct, a unit of Plainfield Asset Management.

"Being an AOL board member has allowed me to contribute to the broader strategy during a critical time for the company," Dykstra said. "It's the perfect moment to join Tim's leadership team and start to participate on the operational side."

According to a regulatory filing, Dykstra will earn a base salary of $700,000 and can more than double that with bonuses and stock options.