Jan. 14 (Reuters) – Warner Bros Discovery has named Anthony Noto, chief executive of money generation giant Sofi, and Joey Levin, IAC’s outgoing CEO, to its board of directors, the company announced on Tuesday.
The media giant is undergoing a restructuring to separate its declining cable TV businesses, such as CNN, from streaming and studio operations, setting the stage for a potential sale or spinoff of its TV business, as more cable subscribers cut the cord.
Noto joined the board on Jan. 8 and Levin is slated to join on Feb. 1. Both will be up for election at the company’s 2025 annual stockholder meeting.
Levin will step down from his role as chief executive of media and web company IAC, following the spin-off of its majority stake in the Angi unit, IAC announced on Monday. He will move to the position of executive chairman of Angi.
Levin in the future occupied leadership roles within the commercial control groups, operations and mergers and acquisitions of IAC during the last two decades. His leadership guided IAC through his initial IPO and the following Match Group and Vimeo splits.
Noto, who named CEO of Sofi in 2018, also brings 4 years of executive revel in with Twitter, now called X, where he first served as leader monetary officer before taking on the role of leader operating officer.
“Both Anthony and Joey are executives rounded out with a significant understanding in applicable industries and exceptional records of growth, innovation and shareholder value,” said David Zaslav, CEO of Warner Bros Discovery.
Last month, Warner Bros. Discovery said that Li Haslett Chen, a member of its Board of Directors and the Company’s Nominations and Corporate Governance Committee, will resign from its positions.
Following their appointments, the board will have 13 directors, 12 of whom are independent. (Reporting by Harshita Mary Varghese in Bengaluru; Editing by Mohammed Safi Shamsi)
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