As it gets set to break into five pieces, IAC (NSDQ: IACI) is doing some executive rearranging. Jason Rapp, previously a key dealman as SVP of M&A, will take over as CEO of Gifts.com, the IAC-owned gift site. Rapp had been at his current role since August, 2006, when he came over from New York Times (NYSE: NYT) Digital...for this new position he will move from NYC to Los Angeles. Gifts.com is one of several businesses that will comprise the New IAC...unlike others, this was an internal build at IAC, and is now a 40-person operation. Rapp will report to Barry Diller.

Meanwhile, the current CEO and founder of Gifts.com, William Lynch, will move to HSN as EVP, marketing, content and HSN.com. HSN is one of the four companies that will be spun into a standalone, publicly traded company. Release.

• Industry Moves: IAC Appoints Jason Rapp As M&A SVP