IAC: No Executive Bonuses In 2007; Sets Reverse Split

This story was written by Joseph Weisenthal.
No top IAC (NSDQ: IACI) executives got bonuses in 2007, according to a preliminary proxy statement filed this evening. The reasoning is pretty straightforward: "There were significant achievements in a variety of our businesses, but the overall disappointing performance led us to conclude that our executive officers should not receive bonuses for 2007." The salary for CEO Barry Diller: $500,000, plus another $927,000 in other compensation, much of it consisting of miles racked up on the company planeeven if performance wasn't great, there's doubt that he had a very busy year. In 2006, Diller received a $1.75 million bonus.

Other executive salaries: $650,000 for Vice Chairman Victor Kaufman and $750,000 for President and COO Doug Lebda

-- Reverse split: In conjunction with the company's spinoff proposal (which is not being voted on by the shareholders), the company will do a reverse split. This is so that once it backs out the other four companies from IAC, the New IAC won't be trading too low.

By Joseph Weisenthal