SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
Appointment of Principal Accounting Officer
On August 10, 2023, Erik Bradbury was appointed as Senior Vice President and Controller (Principal Accounting Officer) of IAC Inc. (the “Company” or “IAC”)), effective on or about September 18, 2023 (the “Effective Date”). Prior to this appointment, Mr. Bradbury, age 45, served as Chief Accounting Officer (Principal Accounting Officer) of DraftKings, Inc. (a digital sports entertainment and gaming company (“DraftKings”)) since September 2020. In this capacity, Mr. Bradbury oversaw DraftKings’ corporate accounting functions, including SEC and regulatory reporting, operational accounting, accounting policy and the development of relevant accounting positions. Prior to his tenure at DraftKings, Mr. Bradbury was a Partner with Ernst & Young LLP (a Big Four accounting firm (“E&Y”)) from July 2017 through September 2020. From September 2015 until September 2017, Mr. Bradbury served as a Professional Accounting Fellow at Financial Executives International. Prior to his role as a Professional Accounting Fellow, Mr. Bradbury spent 11 years in Ernst & Young’s U.S. Assurance practice, where he served in multiple roles, including within the National Professional Practice Group, Financial Accounting Advisory Services practices and as an auditor. Mr. Bradbury received a degree in accounting from Brigham Young University and is a Certified Public Accountant.
In connection with his appointment, as of the Effective Date, Mr. Bradbury shall receive a grant of IAC restricted stock units with a dollar value of $1.6 million pursuant to the Company’s 2018 Stock and Annual Incentive Plan, which award shall be scheduled to vest in four equal annual installments (25%) on the anniversary of the Effective Date, subject to continued service.
Departure of Principal Accounting Officer
On August 10, 2023, Michael H. Schwerdtman, Senior Vice President, Controller (Principal Accounting Officer) notified the Company that he was retiring from his position, effective as of the Effective Date, after having served in such role since December 2004. Mr. Schwerdtman will remain an employee of the Company and continue to serve as an advisor from the Effective Date through March 1, 2024. The Company thanks Mr. Schwerdtman for his nearly 20 years of service and contributions.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|By:||/s/ Kendall Handler|
|Title:||Executive Vice President & Chief Legal Officer|
Date: August 16, 2023