IAC to change name to ‘People,’ ‘sharpen’ investment in MGM

On April 28, IAC Inc. (IAC) announced the company is changing its name to “People Incorporated” as it continues to sharpen its focus on its People Inc. business and its investment in MGM Resorts International (MGM). head of its name change to “People Incorporated” which is expected to occur with the release of Q2 2026 earnings in August, the company has initiated a plan to consolidate its corporate functions with those of its People Inc. business, through a reduction in workforce, technology integrations, and other cost-saving measures over the coming quarters. The Plan is expected to generate annual run-rate cost savings of approximately $40M. The Plan is expected to be completed by Q1 of 2027. The company expects to incur approximately $14M in severance and related expenses, $48M in non-cash stock-based compensation expense and $0.5M to $1M in other costs related to the Plan. The aforementioned non-cash stock-based compensation expense includes approximately $16M of expense that accelerates based on the original terms of employee award agreements and $32M of expense associated with awards that were modified to vest in connection with the Plan. The total costs expected to be incurred in connection with the Plan are approximately $63M. In connection with the Plan, Christopher Halpin will cease to serve as Executive Vice President, Chief Operating Officer and Chief Financial Officer of the company, and Kendall Handler will cease to serve as Executive Vice President and Chief Legal Officer. The company expects that, upon the Separation Effective Date, Neil Vogel, who currently serves as Chief Executive Officer of People, will become Chief Executive Officer of the company, and Tim Quinn, who currently serves as the Chief Financial Officer of People, will become Chief Financial Officer of the company.