Angi Stock Surges as IAC Announces Spin-Off Plan and Leadership Changes
IAC plans to spin off its stake in Angi, the home services platform, empowering shareholders and reshaping executive roles to fuel growth and focus on core businesses.
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Highlights
- IAC is spinning off its full ownership of home services provider Angi to its shareholders, with CEO Joey Levin stepping down to become Angi's Executive Chair.
- This strategic move allows IAC to concentrate on its diversified portfolio and unlock new growth avenues.
- Instead of appointing a new CEO, IAC's CFO/COO Christopher Halpin and Chief Legal Officer Kendall Handler will report directly to Chairman Barry Diller.
Media conglomerate IAC has unveiled plans to separate its complete stake in Angi, a leading home repair services platform, distributing shares directly to its investors. Concurrently, IAC will undergo executive leadership adjustments to better position the company for future opportunities.
The spin-off is projected to finalize in the first half of 2025, post-March 31, enabling IAC's management to sharpen focus on its broader business portfolio and enhance its capacity for acquisitions and employee incentives through stock utilization.
Joey Levin, IAC's current CEO, will transition to an advisory role within IAC while taking on the role of Executive Chair at Angi, collaborating closely with Angi CEO Jeff Kip to steer the company forward.
Following the announcement, IAC's shares experienced a 3.5% decline, whereas Angi's stock climbed approximately 3%, reflecting market reactions to the restructuring.
No New CEO for IAC
Rather than appointing a new CEO, IAC will have CFO/COO Christopher Halpin and Chief Legal Officer Kendall Handler report directly to Chairman Barry Diller, streamlining leadership and decision-making processes.
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