Joey Levin, CEO of media company IAC, is set to depart the company.

His departure comes as IACs board of directors approved a plan to spin off IACs stake in home services platform Angi, to shareholders. Levin will depart upon completion of the spinoff and will become executive chairman of Angi, working alongside CEO Jeff Kipp.

IAC does not plan to appoint a new CEO. Rather, the companys CFO, COO and chief legal officer will report directly to Barry Diller, chairman of IAC. Joey Levin has wanted a store of his own for some time and the spin-off of Angi affords him this opportunity. Although IAC will relinquish his services as CEO, we expect that he will continue to advise us for many years. As we approach yet another milestone, IAC does what it does best: evolves. Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO, Diller said. Over the last few years Joey has been deeply and personally invested in the transformation of Angi, and with its full independence can drive the company to expand any which way he, Jeff Kip and Angis Board desire.

The spinoff will make IAC and Angi fully separate entities. The transaction is expected to close in the first half of 2025, but no sooner than March 31, 2025, pending final approval by the IAC Board of Directors and receipt of a tax opinion

I consider myself among the luckiest in the world to have spent the past two decades working with and learning from Barry Diller and the many brilliant minds he has always attracted to his orbit, Levin said. Together weve accomplished remarkable things, and we start 2025 with each of our businesses executing winning growth plans, led by exceptionally talented teams. Each of IAC and Angi has a vigorous future, and I expect to remain an active participant in both. I am energized to partner with Jeff Kip and the leadership team he has organized at Angi to win a large, captivating category that has yet to be tamed.