Glenn H. Schiffman

Last updated
Glenn H. Schiffman
Born1970or1971(age 52–53) [1]
NationalityAmerican
Education Duke University
Occupation Businessman
SpouseStacy Schiffman

Glenn H. Schiffman is an American businessman, philanthropist, and Chief Financial Officer of Fanatics. Schiffman was appointed to the position at Fanatics in August 2021 after being Chief Financial Officer of IAC. [2] [3] Prior to IAC, he was a Senior Managing Director at Guggenheim Securities. [4] Schiffman is on the Board of Directors of Match Group (NASDAQ:MTCH) [5] and Angi Inc. (NASDAQ: ANGI). [6] He is chairman of Vimeo (NASDAQ:VMEO). [7]

Contents

Early life and education

Schiffman graduated from Duke University with a B.A. in Economics and History. [8]

Career

Lehman Brothers 1991-2011

He began his career at Lehman Brothers in 1991, where he spent 18 years in a variety of roles, including Co-Head of the Global Media Group and Head of Asia-Pacific Investment Banking. [9] In these positions, Schiffman helped build the M&A business, leading it to win a number of awards, including FinanceAsia's Momentum House of the Year for 2007 and the number one position in completed M&A deals for 2008. [10]

Over his career, he was credited with executing deals well in excess of $100 billion and played a key role in managing the sale of Lehman’s Asian Business to Nomura in September 2008. [11] Schiffman was subsequently appointed Head of Investment Banking Asia-Pacific, prior to being elevated to Head of Investment Banking for the Americas and CEO of Nomura Securities North America in 2010. [10]

From 2011-2013, Schiffman was a Partner at The Raine Group before becoming a Senior Managing Director at Guggenheim Securities from 2013-2016. [9]

IAC 2016-2020

In 2016, Schiffman joined IAC as Executive Vice President and Chief Financial Officer, with IAC CEO Joey Levin citing Schiffman’s “outstanding record of integrity, creativity and operational leadership” as a tremendous asset to the company. [12]

In 2018, The Wall Street Journal cited Schiffman’s capital allocation strategy within IAC as an example of a growing trend among global companies to sell assets “as a way to narrow strategic focus and funnel funds to stronger areas of the business.” [13] A profile of Schiffman in CFO Magazine on May 24, 2018, detailed his approach to investor relations and disciplined financial management with a focus on “compounding capital over the long term,” [14] and in an interview with CFO Thought Leader [15] in November 2018, Schiffman reflected on his past experiences and how he learned to "separate the urgent from the important."

In a CFO Insights column with Forbes on January 11, 2019, Schiffman explained the importance of balancing short-term success and long-term growth by working closely with brand executives. [16]

In June 2019, he published a column in CFO Magazine describing the importance of a detailed, rigorous approach to capital allocation in order to win superior returns. Schiffman explained how IAC allocates capital toward three pursuits: (1) investing in our existing businesses; (2) acquisitions; and (3) share repurchases and dividends. [17]

In June 2021, Jefferies Analyst Brent Thill published a report [18] following IAC's announcement of Glenn's departure as CFO, which noted that IAC stock had outperformed during his tenure and that this announcement would serve as a near-term headwind for the rapid growth pace the company experienced on his watch. Thill said, "Glenn's departure will certainly sting as IAC loses one of the best CFOs in the internet sector. Glenn has been one of the most respected CFOs in the industry and has been a clear and straightforward leader, helping to create strong shareholder value for IAC investors. We highlight that during his 5-year tenure as CFO, IAC's stock has significantly outperformed the S&P500." [18]

CFO of Fanatics 2021

In July 2021, it was announced that Schiffman would take over as CFO of Fanatics. In this position, he will have financial oversight of the company's expansion as a global digital sports platform through new verticals outside of merchandise. [19]

In May 2024, Schiffman appeared on The Modern CFO podcast to discuss the force multipliers fueling Fanatics' success and shared advice for aspiring finance leaders. [20]

Other roles

Schiffman is on the Board of Directors of Match Group, [21] Angi [22] and Vimeo. He is Chairman of Vimeo. [23] He was interim Chief Financial Officer of Angi Inc. from September 2017 until August 2019 and again from December 2020 until June 2021.

He is a member of the National Committee on United States-China Relations and a member of the Duke Children’s National Leadership Council. He previously served on the Duke Health Board of Visitors from May 2008 until June 2019 and the Duke School of Medicine Board of Visitors from July 2019 until June 2020. [9]

Awards and honors

In 2009, the Atlas Awards named Schiffman, then Senior Managing Director and Head of Asia Pacific Investment Banking at Nomura, the Asia M&A Banker of the Year. [24]

In November 2017, Schiffman was named Institutional Investor's CFO of the Year for the Mid-cap Internet Sector. [25] In November 2019, he was named as one of Institutional Investor's Best CFOs on the Sell-Side for the Internet Sector. [26]

Schiffman was named Institutional Investor's CFO of the Year 2021 for the Sell-Side. [27]

Philanthropy

In 2014, Schiffman and his wife, Stacy Schiffman, pledged $1 million to create a pediatric cancer research fund at Duke Children's Hospital & Health Center. [28] In 2019, a further million-dollar donation by the Schiffmans helped provide bridge funding for Duke Children's research on alveolar rhabdomyosarcoma (RMS), which was subsequently awarded a National Cancer Institute Moonshot grant. [29] Schiffman has been a longtime supporter of the university's athletics programs with donations to endow student-athlete scholarships earmarked specifically for football team members from underrepresented communities, as well as significant upgrades to the Duke Football facilities. In recognition of these efforts, in 2023 the brick plaza entrance to the Yoh Football Center was renamed Schiffman Family Plaza. [30] Schiffman is Founder and Chairman of the Valerie Fund Endowment and a member of the Valerie Fund's Board of Advisors. [31]

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References

  1. ↑ "Business Leaders Biography of Glenn Schiffman". Market Screener. Retrieved June 19, 2023.
  2. ↑ "Fanatics Valuation Rises to $18 Billion as It Plans to Expand Sports Offerings". WSJ.com. Retrieved 2021-09-02.
  3. ↑ "Fanatics brings on another new hire as it eyes IPO". sportsbusinessjournal.com. Retrieved 2022-01-19.
  4. ↑ "Will IAC Stock Be Affected by New CFO?". TheStreet.com. Retrieved 2021-09-02.
  5. ↑ "Board of Directors". ir.mtch.com. Retrieved 2021-09-02.
  6. ↑ "Board of Directors". ir.angi.com. Retrieved 2021-09-02.
  7. ↑ "Vimeo Announces Board of Directors for Post-Spin Off Public Company". prnewswire.com. Retrieved 2021-09-02.
  8. ↑ "Glenn H. Schiffman, T'91". Duke.edu. Retrieved 2018-06-29.
  9. 1 2 3 "Glenn Schiffman, IAC/Interactive Corp". Bloomberg.com. Retrieved 2018-06-29.
  10. 1 2 "Nomura Appoints New Investment Banking Heads for the Americas and Asia ex-Japan". NomuraHoldings.com. Retrieved 2018-06-29.
  11. ↑ "Top Nomura Asia banker Schiffman heads to U.S". Reuters.com. Retrieved 2018-06-29.
  12. ↑ "Glenn Schiffman, Veteran Media Investment Banker, Joins IAC". NYTimes.com. Retrieved 2018-06-30.
  13. ↑ "More Companies Are Selling Assets to Raise Cash for Growth". WSJ.com. Retrieved 2018-06-30.
  14. ↑ "Media Power IAC Paints Picture of Proactive IR". CFO.com. Retrieved 2018-06-30.
  15. ↑ "The Serial Disrupter". CFOThoughtLeader.com. Retrieved 2018-11-06.
  16. ↑ "Brand Success Stems From Strong Corporate Strategy". Forbes.com. Retrieved 2019-01-11.
  17. ↑ "Effective Capital Allocation: A Force Multiplier". CFO.com. Retrieved 2019-06-03.
  18. 1 2 "CFO Departure Is a Near-Term Headwind, But IAC's Long-Term Tailwinds Remain". Jeffries Equity Research. Retrieved 2022-02-24.
  19. ↑ "Fanatics Adds IAC CFO Glenn Schiffman In Push Beyond Apparel". Sportico.com. Retrieved 2021-09-02.
  20. ↑ "The Force Multipliers Fueling Fanatics' Success with CFO Glenn Schiffman". nthround.com. Nth Round. Retrieved 16 May 2024.
  21. ↑ "Company Overview of Match Group, Inc". Bloomberg.com. Retrieved 2018-06-29.
  22. ↑ "Company Overview of ANGI Homeservices, Inc". Bloomberg.com. Retrieved 2018-06-29.
  23. ↑ "Vimeo Appoints Glenn Schiffman to Succeed Outgoing Chairman Levin". MarketWatch.com. Retrieved 2023-03-24.
  24. ↑ "Glenn H. Schiffman Joins Guggenheim Securities As Senior Managing Director". PRNewswire.com. Retrieved 2018-06-29.
  25. ↑ "The All-America Executive Team". InstitutionalInvestor.com. Retrieved 2018-06-30.
  26. ↑ "The All-America Executive Team". Institutional Investor. Institutional Investor. Retrieved 19 November 2019.
  27. ↑ "The All-America Executive Team". Institutional Investor. Institutional Investor. Retrieved 10 November 2020.
  28. ↑ "$1 Million Gift Supports Pediatric Cancer Research at Duke Children's Hospital". DukeHealth.org. Retrieved 2018-06-30.
  29. ↑ "An Impactful Partnership". DukeHealth.org. Retrieved 2022-02-24.
  30. ↑ "From Walk-Pn to Starting 11". GoDuke.com. Retrieved 2023-12-07.
  31. ↑ "The Board of Trustees". TheValerieFund.org. Retrieved 2018-06-29.
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