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Glenn H. Schiffman

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Glenn H. Schiffman
Born1970 or 1971 (age 53–54)[1]
NationalityAmerican
EducationDuke University
OccupationBusinessman
SpouseStacy Schiffman

Glenn H. Schiffman is an American businessman, philanthropist, and Chief Financial Officer of Fanatics. He was appointed to the position at Fanatics in August 2021, following his tenure as Chief Financial Officer at 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[5] and Angi Inc.[6] He is chairman of Vimeo.[7]

Early life and education

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

Career

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Lehman Brothers 1991-2011

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He began his career at Lehman Brothers in 1991, where he spent 18 years in 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]

During his tenure at Lehman Brothers, Schiffman was credited with executing deals in excess of $100 billion. Schiffman was involved in the sale of Lehman's Asian Business to Nomura in September 2008.[11] Schiffman later served as Head of Investment Banking Asia-Pacific and was promoted 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

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In 2016, Schiffman joined IAC as Executive Vice President and Chief Financial Officer. IAC CEO Joey Levin praised Schiffman's leadership skills and experience upon his appointment.[12]

In 2018, The Wall Street Journal discussed Schiffman's capital allocation strategy at IAC, noting its alignment with a broader trend among global companies to sell assets to focus on stronger areas of 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&P 500."[18]

CFO of Fanatics 2021

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In July 2021, it was announced that Schiffman would take over as CFO of Fanatics. At Fanatics, Schiffman is responsible for overseeing the company's financial operations as it expands into new business areas 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

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Schiffman serves on the Board of Directors of Match Group,[21] Angi[22] and Vimeo, where he also serves as Chairman.[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

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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

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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 is a 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 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]

References

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  1. ^ "Business Leaders Biography of Glenn Schiffman". Market Screener. Archived from the original on June 19, 2023. Retrieved June 19, 2023.
  2. ^ "Fanatics Valuation Rises to $18 Billion as It Plans to Expand Sports Offerings". WSJ.com. Archived from the original on 2023-01-19. Retrieved 2021-09-02.
  3. ^ "Fanatics brings on another new hire as it eyes IPO". sportsbusinessjournal.com. Archived from the original on 2022-01-25. Retrieved 2022-01-19.
  4. ^ "Will IAC Stock Be Affected by New CFO?". TheStreet.com. Archived from the original on 2021-09-02. Retrieved 2021-09-02.
  5. ^ "Board of Directors". ir.mtch.com. Archived from the original on 2021-09-28. Retrieved 2021-09-02.
  6. ^ "Board of Directors". ir.angi.com. Archived from the original on 2021-09-19. Retrieved 2021-09-02.
  7. ^ "Vimeo Announces Board of Directors for Post-Spin Off Public Company". prnewswire.com. Archived from the original on 2021-09-30. Retrieved 2021-09-02.
  8. ^ "Glenn H. Schiffman, T'91". Duke.edu. Archived from the original on 2018-07-28. Retrieved 2018-06-29.
  9. ^ a b c "Glenn Schiffman, IAC/Interactive Corp". Bloomberg.com. Archived from the original on 2018-08-11. Retrieved 2018-06-29.
  10. ^ a b "Nomura Appoints New Investment Banking Heads for the Americas and Asia ex-Japan". NomuraHoldings.com. Archived from the original on 2011-03-16. Retrieved 2018-06-29.
  11. ^ "Top Nomura Asia banker Schiffman heads to U.S". Reuters.com. Archived from the original on 2018-06-29. Retrieved 2018-06-29.
  12. ^ "Glenn Schiffman, Veteran Media Investment Banker, Joins IAC". NYTimes.com. Archived from the original on 2018-02-11. 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. Archived from the original on 2018-06-27. Retrieved 2018-06-30.
  15. ^ "The Serial Disrupter". CFOThoughtLeader.com. Archived from the original on 2018-11-13. Retrieved 2018-11-06.
  16. ^ "Brand Success Stems From Strong Corporate Strategy". Forbes.com. Archived from the original on 2019-01-11. Retrieved 2019-01-11.
  17. ^ "Effective Capital Allocation: A Force Multiplier". CFO.com. Archived from the original on 2019-06-03. Retrieved 2019-06-03.
  18. ^ a b "CFO Departure Is a Near-Term Headwind, But IAC's Long-Term Tailwinds Remain". Jeffries Equity Research. Archived from the original on 2021-06-09. Retrieved 2022-02-24.
  19. ^ "Fanatics Adds IAC CFO Glenn Schiffman In Push Beyond Apparel". Sportico.com. Archived from the original on 2021-09-02. Retrieved 2021-09-02.
  20. ^ "The Force Multipliers Fueling Fanatics' Success with CFO Glenn Schiffman". nthround.com. Nth Round. Archived from the original on 16 May 2024. Retrieved 16 May 2024.
  21. ^ "Company Overview of Match Group, Inc". Bloomberg.com. Archived from the original on 2019-04-01. Retrieved 2018-06-29.
  22. ^ "Company Overview of ANGI Homeservices, Inc". Bloomberg.com. Archived from the original on 2019-04-01. Retrieved 2018-06-29.
  23. ^ "Vimeo Appoints Glenn Schiffman to Succeed Outgoing Chairman Levin". MarketWatch.com. Archived from the original on 2023-03-23. Retrieved 2023-03-24.
  24. ^ "Glenn H. Schiffman Joins Guggenheim Securities As Senior Managing Director". PRNewswire.com. Archived from the original on 2020-09-30. 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. Archived from the original on 19 April 2021. Retrieved 19 November 2019.
  27. ^ "The All-America Executive Team". Institutional Investor. Institutional Investor. Archived from the original on 13 November 2020. Retrieved 10 November 2020.
  28. ^ "$1 Million Gift Supports Pediatric Cancer Research at Duke Children's Hospital". DukeHealth.org. Archived from the original on 2018-01-09. Retrieved 2018-06-30.
  29. ^ "An Impactful Partnership". DukeHealth.org. Archived from the original on 2022-02-24. Retrieved 2022-02-24.
  30. ^ "From Walk-Pn to Starting 11". GoDuke.com. Archived from the original on 2023-12-08. Retrieved 2023-12-07.
  31. ^ "The Board of Trustees". TheValerieFund.org. Archived from the original on 2017-03-17. Retrieved 2018-06-29.
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