Following a two-month transition period, IAC’s CFO of five years, Glenn Schiffman, will leave for a new opportunity, the company announced Tuesday.
IAC, which owns websites Investopedia and The Daily Beast, home-improvement marketplace provider Angi and several other businesses, said Schiffman will remain on board in an advisory position until a successor is named.
Alongside his role at IAC, in January, Schiffman became Angi’s interim CFO, replacing his long-time mentee, Jamie Cohen, who left the company for the CFO role at vacation rental marketplace Vacasa. Schiffman will remain on Angi’s board of directors, IAC said.
While it searches for Schiffman’s replacement, three people will serve as joint interim CFOs: Michael Schwerdtman, controller; Mark Schneider, vice president of finance and investor relations; and Nick Stoumpas, treasurer. They'll report to CEO Joey Levin.
"Glenn has been a real partner in IAC's growth and success and we're grateful for his energy and leadership," Levin said. “[Schwerdtman, Schneider and Stoumpas] will undoubtedly ensure a seamless transition as we find a new CFO and focus on the opportunities ahead."
“I couldn't be prouder of our work helping IAC build lasting shareholder value and helping to shape the next generation of great companies,” Schiffman said. “I look forward to cheering on the entire IAC team and I'm excited to continue helping drive success at Angi."
Prior to IAC, Schiffman was a senior managing director at Guggenheim Partners. During his tenure as IAC’s CFO, he also spent two years as Angi’s CFO, and sat on the board of directors of Match Group, which IAC spun off last year.
His departure comes weeks after IAC executed the stock market debut of its latest spinoff, online-video platform, Vimeo.
Match Group owns dating sites Match, Tinder, Hinge and OkCupid. Over the past month, IAC and Match Group have been in court over the latter's handling of a sexual-assault allegation against its former CEO, Greg Blatt, the Wall Street Journal reported.
An IAC spokeswoman told the Journal Blatt’s situation is unrelated to Schiffman’s departure, and declined to comment on where Schiffman will be moving.