Vimeo Chief Executive Kerry Trainor on Tuesday stepped down from his post atop the IAC/InterActiveCorp. internet video website. Trainor, who has served as Vimeo CEO for more than four years, sent a memo to staff with the news. "Vimeo is now one of the most valuable companies within IAC, and behind only Youtube as the largest video-sharing marketplace worldwide. Not bad for a still scrappy team of 200 going up against-and never fearing-the biggest players on the web." Trainor said in the memo. He mentioned in his time with Vimeo, the company more than tripled its monthly users to 280 million and bolstered paying subscribers to 710,000. "As the video world continues to unbundle for consumers, Vimeo is poised to take its next major leap as the largest, open destination for premium, ad-free video, direct from creators worldwide," he said. IAC Chief Executive Joey Levin will serve as Vimeo's interim CEO, while Trainor stays on as an advisor and assists in the company's search for a permanent CEO. IAC shares are down nearly 9% in the year to date, underperforming the S&P 500 Index, which is up 3%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below