IAC/InterActive Chief Financial Officer McInerney To Depart

Date : 08/11/2011 @ 8:59AM
Source : Dow Jones News
Stock : Iac/Interactivecorp (IAC)
Quote : 140.94  3.74 (2.73%) @ 8:00PM

IAC/InterActive Chief Financial Officer McInerney To Depart

Iac/Interactivecorp (NASDAQ:IACI)
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Digital media conglomerate IAC/InterActive Corp. (IACI) disclosed Thursday the impending departure of its chief financial officer, while noting that the executive will stay on through a transition period.

Thomas J. McInerney, age 46 as of May, stepped into the financial chief role in 2004. Prior to that appointment, McInerney served as chief executive of IAC's retailing sector, overseeing HSN, HSN.com, Cornerstone Brands, HSE24 in Germany and Gifts.com.

The company did not name a successor for the role, only stating that McInerney will leave the company at some point in the coming months.

The parent of Internet properties such as Ask.com, Citysearch.com and Match.com has seen its bottom line improve in recent quarters, despite higher operating costs related in part to its Daily Beast unit's tie-up with Newsweek. Last month, IAC reported its second-quarter earnings more than tripled amid double-digit revenue growth across all its business segments.

Shares closed Wednesday at $35.95 and were inactive premarket. The stock is up 25% since the start of the year.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

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