IAC Appoints ‘Veteran Banker’ As New CFO

IAC has just appointed “veteran banker” Glenn H. Schiffman as its new Chief Financial Officer.

Earlier today, the company confirmed the addition of Schiffman to its executive board, succeeding Jeff Kip – whose departure was announced last summer.

With previous experience as an adviser to a number of international clients, Schiffman will use his knowledge of the media and entertainment industries to supervise finance at IAC.

According to IAC, his role will include the overseeing of corporate finance, accounting, M&A, investor relations, and administration functions.

The company’s CEO, Joey Levin commented on the appointment, saying: “I’ve known Glenn for over 10 years and he has exemplified an outstanding record of integrity, creativity, and operational leadership — I was thrilled when he agreed to join us.

“Glenn’s deep wealth of experience and steady hand in advising some of the world’s largest media companies will be a tremendous asset to IAC.”

Prior to his appointment at IAC, Schiffman worked as Senior Managing Director at Guggenheim Securities.

His previous ventures also include being a partner at merchant bank The Raine Group, Co-Head of Global Media at Lehman Brothers, as well as Head of Investment Banking Asia-Pacific at the same company.

Schiffman also undertook the role of Head of Investment Banking, Americas for Nomura following its acquisition of Lehman’s Asia business.

He is also a member of the National Committee on United States-China Relations, and currently serves as a Member of the Board of Visitors for the Duke University School of Medicine.

Speaking about his new role, Schiffman said: “IAC has transformed industries and created extraordinary shareholder value through a visionary and disciplined approach that has yielded eight individual public companies to date.

“I’m grateful to be joining the company at another exciting inflection point. IAC has numerous growth engines, an impressive balance sheet, and a world-class management team at the helm. I’m honoured to play an active role in shaping the next chapter of IAC’s successful story.”

In addition, the company also announced that Schiffman’s predecessor, Kip will remain at IAC to manage the international expansion of its HomeAdvisor business.