is searching for a new finance chief after Chief Financial Officer
decided to leave the conglomerate to pursue a new opportunity.
New York-based IAC, which owns home-improvement marketplace provider
and other businesses, on Tuesday said Mr. Schiffman will remain with the company for a couple of months to help with the transition to a successor. IAC declined to comment on where Mr. Schiffman is going.
Mr. Schiffman has served as the company’s CFO since 2016. In January, he took on the additional role of interim finance chief at Angi, replacing
who left the company for an outside position. IAC said Mr. Schiffman will remain on Angi’s board of directors.
IAC said its team of financial executives, including Controller
Treasurer Nick Stoumpas and
its senior vice president for finance and investor relations, will oversee the finance functions of IAC and Angi while the company recruits a new CFO.
The company is working to add to its portfolio after it completed the spinoff of online-video platform Vimeo Inc. in May. Mr. Schiffman’s successor will likely focus on identifying new targets, potentially to take a controlling stake, said Ygal Arounian, a senior research analyst at financial services firm Wedbush Securities Inc. IAC in August acquired a 12% stake in hospitality and entertainment company
for about $1 billion, its latest significant acquisition.
The company on May 6 said revenue climbed to $876 million during the first quarter, up 28% from the prior-year period. It also reported $329.1 million in net income, compared with a net loss of $328.2 million the prior-year period.
IAC and online dating service company
Match Group Inc.,
which it spun off in July 2020, in recent weeks have been battling in court over the handling of a sexual-assault allegation against former Match Chief Executive Greg Blatt.
An IAC spokeswoman said the situation is unrelated to Mr. Schiffman’s departure.
—Allison Prang contributed to this article
Write to Mark Maurer at [email protected]
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