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Photo via Smith Collection/Gado/Getty Images

Avid Larizadeh Duggan has stepped down as a general partner with Google Ventures, in order to become head of global business strategy and development for GV portfolio company Kobalt Music.

Why it matters: Duggan isn't the only senior GV investor seeking new challenges, Axios has heard from a source, and her departure leaves the group without any women in general partner roles.

Duggan had been an entrepreneur prior to joining GV in 2014, and tells Axios that she wanted to return to "building things." She adds that she "fell in love with" Kobalt, which develops music rights technologies like online copyright administration and royalty tracking, while working with the company at GV.

"Kobalt is looking to bring fairness to the music industry," she explains. "It has an impact on every person on the planet, because everyone listens to at least some music."

London-based Duggan adds that her GV portfolio responsibilities will be transferred to other staffers, and that Tom Hulme will (at least for now) be the group's only general partner in Europe.

Go deeper

Dan Primack, author of Pro Rata
10 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.