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Financial News Network
August 12, 2011 AT 3:23 AM
IAC (NASDAQ:IAC) announced that Thomas J. McInerney, EVP, and COO intends to leave the company at some point in the coming months, after 12 years with IAC.There is no specific date set for his departure and McInenery will remain CFO through an appropriate transistion.Mr. McInerney said, "I have been with the IAC family of companies for twelve years, and in my current position for the last six. Our actions over the past few years - strategically, operationally, and financially - have generated significant current returns for our shareholders while simultaneously positioning IAC for a thriving future. So it seems an opportune time for me to take a break and be with my expanding family before embarking on new and future challenges." IACInterActiveCorp (NASDAQ:IACI) has a potential upside of 29.1% based on a current price of $35.95 and an average consensus analyst price target of $46.42.