Barry Diller’s IAC Rebranding As People Inc., Planning Layoffs In Strategic Restructuring
Barry Diller's IAC is rebranding as People Inc. and planning layoffs as part of a strategic restructuring, with expected annual cost savings of $40 million. Neil Vogel, previously CEO of the People division, will now lead the entire company.
IAC, led by Barry Diller, is rebranding as People Inc. effective this summer. The company will focus on two strategic pillars: its People publishing business and a 26% stake in MGM Resorts. As part of the restructuring, the company expects to lay off several dozen corporate staffers, resulting in $40 million in annual cost savings. Neil Vogel, previously CEO of the People division, will now be CEO of People Inc. The publishing division was renamed People last summer after a series of acquisitions. The rebranding is seen as an 'opportunistic' move by Diller, who believes the new corporate name will better position the company for future opportunities.
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