Big shakeup at IAC this morning.
Barry Diller is stepping down as CEO of IAC, the company announced. Greg Blatt, formerly CEO of Match.com will become CEO and join the board of directors. Diller will be Chairman and Senior Executive.
Here's Diller's explanation from the release:
"It's been clear to me for some time that this Company needs a full time aggressive and aspirational executive in the CEO role. While I'm not going anywhere, IAC, with its operating businesses growing, large cash resources and virtually no debt, needs the kind of leadership that Greg Blatt can bring it in order to continue to grow and thrive many years into the future."
In addition to the Diller move, Liberty Media is cashing in its stake in the company. Liberty traded its 12.8 million shares of IAC for the subsidiary that owns Evite and Gifts.com as well as $220 million in cash. In the wake of these moves, Liberty Media and IAC are divorced of each other.
Diller will own 34% of the voting stock in the company, with the possibility of owning 41%. So, while he's stepping down as CEO, he still has plenty of power and influence.
