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IAC, Inc. ($IAC) announced late Monday board approval for the spin-off of its full stake in home services platform Angi, Inc.

Joey Levin, the CEO of IAC, will be transitioning to the role of advisor to the company upon the completion of the spin-off.

The company does not plan to appoint a new CEO, but will have leadership reporting to Diller, chairman of IAC.

The CEO of Barry DIller's InterActive Corp. is departing to become executive chairman of Angi as it spins off from IAC.