IAC chairman and senior executive Barry Diller, who relinquished the CEO title Thursday to former Match.com CEO Greg Blatt, shared the Barry Diller version of “What I Did on My Summer Vacation” with Fortune.

Speaking about the time off he takes every summer for deep thinking, and the transition to Blatt, Diller told Fortune:

I call it my summer project. My executives always brace themselves. I told them the company wasn’t being managed correctly. I never thought I was a very good manager. I mean, I am decent, but I want to go back to what I am good at, which is looking for opportunities to grow the business. Greg is a better manager than I am.

One of my friends joked that this was retirement with more control, but I don’t think that’s right. It will be different. I’m also still chairman of Expedia. But four to five years from now, who knows?