Barry Diller’s IAC said Monday that its board approved the spinoff of Angi, the home improvement marketplace the company acquired in 2017. IAC said it expects the transaction to close in the second quarter of the year. The two companies will post their respective fourth-quarter results when IAC reports on Feb. 11. Angi was founded in 1995 as Angie’s List, which went public on the Nasdaq in 2011. As part of the spinoff, IAC CEO Joey Levin will leave his role and become an advisor to the company. Levin will also take on a new role as Angi’s executive chairman, serving as the marketplace’s senior executive alongside CEO Jeff Kip, IAC said. “Joey Levin has been an exemplary leader of IAC, creating significant value during his nearly decade-long tenure as IAC CEO,” Diller, IAC’s chairman, said in a statement. Upon Levin’s vacancy, IAC will operate without a new CEO, the company said. IAC’s top execs will report…
