Vimeo, Inc. announced the appointment of Glenn Schiffman as its new non-executive Chairman.
Schiffman served as the Chief Financial Officer of IAC, Inc. from 2016 to 2021 and has served as a member of the Company’s Board of Directors since its spin-off from IAC in 2021. He also serves as the Chief Financial Officer of Fanatics, Inc. He will succeed Joey Levin, who is stepping down as Chairman and member of the Board of Directors due to his other executive and board commitments, including his recent appointment as CEO of Angi, Inc., his continued service as CEO of IAC, and his positions on the boards of IAC, Angi and MGM Resorts International. Levin will continue to stay actively involved in Vimeo as Special Advisor to the board and management.
“On behalf of our Board of Directors, I’d like to start by thanking Joey for everything he’s done for Vimeo to date, and look forward to continuing to work with him going forward from here,” said Glenn Schiffman, newly appointed Chairman of the Board. “Having worked closely with Vimeo from its time as an IAC subsidiary through now, I am extremely confident in our business and team, and I’m excited to continue serving our shareholders in this increased capacity.”
“I have deep conviction in Vimeo’s strategy and ability to create long-term value,” said Joey Levin. “While my other commitments require me to step down from the board, I remain an invested shareholder and will continue to stay very much involved in ensuring the company’s success as the de facto video platform for businesses. I have the utmost faith that Glenn will provide excellent guidance and continuity as Chairman in helping us do that.”
“I am grateful for Joey’s longstanding partnership and excited for Vimeo to continue to benefit from his strategic insight,” said Anjali Sud, Chief Executive Officer of Vimeo. “Glenn has been a valuable advisor to Vimeo since 2016, and his new responsibilities as Chairman will provide consistent and effective stewardship as we enter our third year as a public company.”
With these changes, the Board of Directors is now composed of ten directors, seven of whom are independent. Mr. Schiffman is expected to be nominated for re-election to the Board of Directors at Vimeo’s 2023 Annual Meeting of Stockholders to be held on June 6, 2023. Vimeo also entered into an amendment to its Restricted Stock Agreement with Mr. Levin in connection with his service as Special Advisor, that includes a reduction in the number of shares available to Mr. Levin. For additional details regarding the amendment, see our Current Report on Form 8-K filed with the SEC today. There are no changes to Barry Diller’s share ownership in Vimeo as a result of these changes, the statement said.
