By Sabela Ojea
IAC said that it is reorganizing the company through a plan that includes the exit of Chief Executive Joey Levin and a spinoff its entire stake in home-services company Angi.
The media and internet holding company on Monday said that Levin, who had served as the CEO of IAC since 2015, will become an adviser to the company and be appointed executive chairman of Angi following the completion of the spinoff.
Angi CEO Jeff Kip will continue to head the company as IAC's 10th fully independent company, IAC said, adding that it doesn't plan to appoint a new CEO.
IAC's Finance and Operating Chief Christopher Halpin, together with Legal Chief Kendall Handler will report directly to Barry Diller, senior Executive and chairman of IAC.
"The spin-off will allow IAC management to focus on its broader portfolio as well as new growth opportunities," the company said.
In November, IAC's Chief Executive Joey Levin had said that the company was exploring a spinoff of its 85% ownership in Angi to IAC shareholders.
"In the event of an Angi spin, we will be a smaller IAC, and our corporate costs will need to reflect that," Levin had said. "We'll be reviewing corporate costs with an Angi spinoff in mind."
The spinoff of Angi, expected to be tax free and to close in the first half of 2025 but no sooner than March 31, will give IAC shareholders direct ownership of Angi.
IAC and Angi will post their respective fourth quarter results on Feb. 11.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 13, 2025 16:32 ET (21:32 GMT)
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