Joey Levin, the CEO of media company IAC, is set to step down as part of a plan approved by the board of directors to spin off IAC’s stake in home services platform Angi. Levin will transition to the role of executive chairman at Angi, working closely with CEO Jeff Kipp. The CFO, COO, and chief legal officer of IAC will report directly to Barry Diller, the chairman of IAC.
The spinoff will result in IAC and Angi becoming separate entities. While IAC will still include publishing giant Dotdash Meredith and brands like People, Brides, and the Daily Beast, Angi will have full independence to expand under Levin’s leadership.
This transaction is expected to be completed in the first half of 2025, pending final approval and a tax opinion. Upon completion, IAC shareholders will have direct ownership of Angi.
Levin expressed gratitude for the opportunity to work with Barry Diller and the talented teams at IAC and Angi. He looks forward to continuing to be actively involved in both companies and partnering with Jeff Kipp to drive success at Angi.
Overall, the spinoff signals a new chapter for both IAC and Angi, paving the way for growth and innovation in their respective industries.
Source link
