IAC Inc. Elects New Directors, Updates CFO Compensation

Ticker: IAC · Form: 8-K · Filed: 2024-11-26T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, executive-compensation, governance

Related Tickers: IAC

TL;DR

IAC adds two directors and locks in CFO Schiffman's pay.

AI Summary

IAC Inc. announced on November 22, 2024, changes in its board of directors and executive compensation. Specifically, the company elected Michael J. Donoghue and Michael J. Ruzic to its Board of Directors, effective November 22, 2024. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Glenn H. Schiffman, effective November 22, 2024, detailing his compensation.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board appointments and executive compensation adjustments, which are standard corporate governance activities.

Key Players & Entities

FAQ

Who were the individuals elected to the IAC Inc. Board of Directors?

Michael J. Donoghue and Michael J. Ruzic were elected to the Board of Directors.

When were the new directors elected?

The new directors were elected effective November 22, 2024.

What is the role of Glenn H. Schiffman at IAC Inc.?

Glenn H. Schiffman is the Chief Financial Officer of IAC Inc.

What is the effective date of the new employment agreement for the CFO?

The new employment agreement for the CFO is effective November 22, 2024.

What type of SEC filing is this report?

This is a Form 8-K, a Current Report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

From the Filing

0001104659-24-123079.txt : 20241126 0001104659-24-123079.hdr.sgml : 20241126 20241126160519 ACCESSION NUMBER: 0001104659-24-123079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20241122 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241126 DATE AS OF CHANGE: 20241126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IAC Inc. CENTRAL INDEX KEY: 0001800227 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] ORGANIZATION NAME: 06 Technology IRS NUMBER: 843727412 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39356 FILM NUMBER: 241503641 BUSINESS ADDRESS: STREET 1: 555 WEST 18TH STREET CITY: NEW YORK STATE: NY ZIP: 10011 BUSINESS PHONE: (212) 314-7300 MAIL ADDRESS: STREET 1: 555 WEST 18TH STREET CITY: NEW YORK STATE: NY ZIP: 10011 FORMER COMPANY: FORMER CONFORMED NAME: IAC/InterActiveCorp DATE OF NAME CHANGE: 20200702 FORMER COMPANY: FORMER CONFORMED NAME: IAC Holdings, Inc. DATE OF NAME CHANGE: 20200115 8-K 1 tm2429511d1_8k.htm FORM 8-K false 0001800227 0001800227 2024-11-22 2024-11-22 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): November 22, 2024   IAC Inc. (Exact name of registrant as specified in charter)   Delaware   001-39356   84-3727412 (State or other jurisdiction   (Commission   (IRS Employer of incorporation)   File Number)   Identification No.)   555 West 18th Street , New York , NY   10011 (Address of principal executive offices)   (Zip Code)   Registrant’s telephone number, including area code:           ( 212 ) 314-7300       (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 IAC The Nasdaq Stock Market LLC (Nasdaq Global Select Market)   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨             Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   Appointment of Principal Accounting Officer   On November 22, 2024, Michael H. Schwerdtman was appointed as Senior Vice President and Controller (Principal Accounting Officer) of IAC In

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