Jan 13 (Reuters) - IAC said on Monday longtime

boss Joey Levin will step down as CEO after the spinoff of its

majority stake in home services marketplace Angi ( ANGI ) as the

media and internet company looks to focus on Dotdash Meredith,

its largest business.

Levin will make a transition to the role of advisor for IAC

and become executive chairman of Angi ( ANGI ).

Under the leadership of billionaire magnate Barry Diller,

IAC is known for its strategy of building businesses and

subsequently spinning them off into independent companies.

It has spun off its stake in the likes of dating app group

Match and online video platform Vimeo ( VMEO ).

Angi's ( ANGI ) market valuation has fallen to about $776 million

since November when IAC first announced its intention to

distribute its 85% stake in the company to its shareholders.

The spinoff, which is expected to be tax free, marks the

tenth standalone public company to fully separate from IAC.

IAC does not intend to appoint a new CEO and its finance

chief Christopher Halpin and Chief Legal Officer Kendall Handler

will report directly to chairman Diller.

Levin joined IAC in 2003 and has served as CEO since 2015.

He guided the company through its initial IPO and subsequent

spin-off of Match Group ( MTCH ), as well as Vimeo ( VMEO ).

Angi ( ANGI ) is IAC's second-largest sales stream and runs a digital

platform that links home service professionals with consumers

for various tasks, from repairs to home remodeling.

In the past several quarters, the company has seen reduced

demand for its services due to fewer service requests and is

also eliminating low-margin revenue streams that were acquired

through paid marketing.

The spin off is expected to close in the first half of 2025.