Vimeo Announces Appointment of Glenn Schiffman as Non-Executive Chairman, Transition of Joey Levin to Special Advisor

Rhea-AI Summary

Vimeo, Inc. (NASDAQ: VMEO) has appointed Glenn Schiffman as non-executive Chairman, succeeding Joey Levin, who steps down due to other commitments, including his role as CEO of Angi, Inc. Schiffman has been part of Vimeo's board since its spin-off from IAC in 2021 and was CFO of IAC from 2016 to 2021. Levin will continue as a Special Advisor. The board now consists of ten directors, seven of whom are independent, and Schiffman is expected to be nominated for re-election at the upcoming Annual Meeting of Stockholders on June 6, 2023. Additionally, there will be a reduction in Levin's share allocation as part of an amendment to his Restricted Stock Agreement.

Positive

• Glenn Schiffman brings extensive experience as former CFO of IAC and has been a board member since Vimeo's spin-off.
• Continuity in leadership is expected with Schiffman's appointment, enhancing strategic guidance.
• Levin remains involved as a Special Advisor, ensuring ongoing leadership support.

Negative

• Joey Levin's departure from the board might raise concerns about continuity in strategy and oversight.

NEW YORK, March 23, 2023 (GLOBE NEWSWIRE) -- Vimeo, Inc. (NASDAQ: VMEO) today announced the appointment of Glenn Schiffman as its new non-executive Chairman. Mr. 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. Mr. 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.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "may," "could," "should," "would," "anticipates," "estimates," "expects," "plans," "projects," "forecasts," "intends," "targets," "seeks" and "believes," as well as variations of these words or comparable words, among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to anticipated Board service. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions. Actual results could differ materially from those contained in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: adverse changes in economic conditions, changes in the regulatory landscape, including, in particular, changes in laws that might increase the liability of online intermediaries for user-generated content, reputational damage caused by problematic user content or our decisions to remove (or not remove) it; changes in policies implemented by third party platforms upon which we rely for traffic and distribution of mobile apps, increased competition in the online video category, our ability to convert visitors into uploaders and uploaders into paying subscribers, our ability to retain paying subscribers by maintaining and improving our value proposition, our ability to provide video storage and streaming in a cost-effective manner, our ability to successfully attract sales-assisted customers, our ability to protect sensitive data from unauthorized access, the integrity, quality, scalability and redundancy of our systems, technology and infrastructure (and those of third parties with which we do business), our ability to successfully operate in and expand into additional international markets, our ability to adequately protect our intellectual property rights and not infringe the intellectual property rights of third parties, foreign exchange currency rate fluctuations, the impact of the COVID-19 pandemic and geopolitical events on our business, the possibility that our historical consolidated and combined results may not be indicative of our future results and the other factors set forth in the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission ("SEC") on February 27, 2023 as they may be updated by our periodic reports subsequently filed with the SEC. Other unknown or unpredictable factors that could also adversely affect Vimeo’s business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward-looking statements may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Vimeo’s management as of the date of this communication. Vimeo does not undertake to update these forward-looking statements.

FAQ

Who is the new Chairman of Vimeo?

Glenn Schiffman has been appointed as the new non-executive Chairman of Vimeo.

Why did Joey Levin step down as Chairman of Vimeo?

Joey Levin stepped down due to other executive commitments, including his role as CEO of Angi, Inc.

What is Glenn Schiffman's background?

Glenn Schiffman served as CFO of IAC and has been a board member of Vimeo since its spin-off in 2021.

When will Glenn Schiffman be nominated for re-election?

He is expected to be nominated for re-election at Vimeo's Annual Meeting of Stockholders on June 6, 2023.

What changes were made to Joey Levin's share allocation?

An amendment to Levin's Restricted Stock Agreement includes a reduction in the number of shares available to him.