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Posted 25 February, 2021

ANGI Homeservices Inc. appointed Mr. Oisin Hanrahan as new CEO

Nasdaq:ANGI appointed new Chief Executive Officer Mr. Oisin Hanrahan in a 8-K filed on 25 February, 2021.


  On February 24, 2021, ANGI Homeservices Inc. (the "Company") announced that Mr. Oisin Hanrahan, Chief Product Officer of the Company, was appointed to succeed Mr. William B. Ridenour as Chief Executive Officer of the Company and will be appointed as a member of the Company's Board of Directors, effective immediately.  

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Overview of ANGI Homeservices Inc.
Technology • Internet/Online
Angi, Inc. engages in the provision of a digital marketplace for home services. It operates through the following segments: Ads and Leads, Services, Roofing, and International. The Ads and Leads segment provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. The Services segment includes the provision of services through the Angi platform. Angi fulfills the request through the use of independently established home service providers engaged in a trade, occupation and/or business that customarily provides such services. The Roofing segment includes roof replacement and repair services through its wholly-owned subsidiary, Angi Roofing, LLC. The international segment consists of Europe and Canada. The company was founded on April 13, 2017 and is headquartered in Denver, CO.
Market Cap
$1.36B
View Company Details
ANGI Homeservices Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


CEO and Board Member Transition


On February 24, 2021, ANGI Homeservices Inc. (the "Company") announced that Mr. Oisin Hanrahan, Chief Product Officer of the Company, was appointed to succeed Mr. William B. Ridenour as Chief Executive Officer of the Company and will be appointed as a member of the Company's Board of Directors, effective immediately. Mr. Ridenour has also stepped down as a member of the Company's Board of Directors.


Oisin Hanrahan, 37, has served as Chief Product Officer of the Company since June 2019. Mr. Hanrahan previously served as Chief Executive Officer of Handy, Inc. ("Handy"), which the Company acquired in October 2018. Mr. Hanrahan co-founded Handy in 2012 and served as its Chief Executive Officer since its founding. Prior to founding Handy, Mr. Hanrahan founded MiCandidate, a service that provided real time political content to media companies in 25 European countries, and Clearwater Group, a real estate development business in Budapest, Hungary. Mr. Hanrahan is also a co-founder and served as a member of the board of directors of The Undergraduate Awards, a foundation he created in 2009 to support and celebrate outstanding undergraduate students globally. Mr. Hanrahan studied at Trinity College Dublin, London School of Economics and Harvard Business School and also advises a number of startups and runs a small early stage angel fund.


New Employment Agreement with Mr. Hanrahan


In addition, the Company entered into a new employment agreement with Mr. Hanrahan on February 24, 2021 (the "Employment Agreement"). The Employment Agreement has an initial term ending on February 24, 2022 and provides for automatic renewals for successive one-year terms absent written notice from the Company or Mr. Hanrahan 90 days prior to the expiration of the then-current term.


The Employment Agreement provides that Mr. Hanrahan will be eligible to receive an annual base salary of $550,000, discretionary annual cash bonuses, and such other employee benefits as may be determined by the Company from time to time. In addition, Mr. Hanrahan was awarded restricted stock units with a grant date value of $5,000,000, with 50% vesting on each of the twenty-four month and thirty-month anniversary of the grant date.


Upon a termination of his employment without cause (as defined in the agreement) or his resignation for good reason (as defined in the agreement), subject to his execution and non-revocation of a release of claims in favor of the Company and compliance with the restrictive covenants set forth in the Employment Agreement: (i) the Company will continue to pay Mr. Hanrahan his annual base salary for one year following such termination or resignation, (ii) all Company equity awards (including any cliff-vesting awards, which will be prorated as though such awards had an annual vesting schedule) held by him on the date of such termination or resignation that would have otherwise vested during the one-year period following such date will vest as of such date (subject to, in the case of performance-based awards, the satisfaction of the applicable performance conditions).


Pursuant to his Employment Agreement, Mr. Hanrahan is bound by covenants not to: (i) compete with the Company's businesses during the term of his employment and for twenty-four months thereafter and (ii) solicit Company's employees or business partners during the term of his employment and for twelve months thereafter. In addition, Mr. Hanrahan has agreed not to use or disclose any confidential information of the Company or its affiliates.


The foregoing description of the Employment Agreement, is qualified in its entirety by reference to the full text, copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.


Marketing Leadership Transition


On February 24, 2021, Ms. Allison Lowrie stepped down as Chief Marketing Officer. Ms. Lowrie will remain with the Company through April 1, 2021 in order to ensure a smooth transition. Ms. Lowrie will receive separation benefits pursuant to her previously filed employment agreement with the Company.