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Why ANGI Homeservices Stock Rose Today

By Evan Niu, CFA - Feb 25, 2021 at 3:47PM

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The home improvement marketplace operator announced a CEO shakeup.

What happened

Shares of ANGI Homeservices (ANGI -1.20%) rose as much as 11% today after the company announced  that it was appointing a new CEO. As of 3:20 p.m. EST, the stock had given up some of those gains but was still up 7%.

So what

ANGI Homeservices has appointed Chief Product Officer Oisin Hanrahan to CEO, effective immediately. Current CEO Brandon Ridenour will step down after serving as CEO since late 2018. Hanrahan will also join the company's board of directors. The technology platform, which connects homeowners with local home improvement contractors and companies, is also creating two new executive roles to streamline its growth strategy.

Green stock chart going up

Image source: Getty Images.

Bryan Ellis will become chief revenue officer of the Marketplace segment, overseeing the company's lead generation and advertising business. The current COO and co-founder of the subsidiary Handy, Umang Dua, will become the chief revenue officer of the ANGI Services segment, which includes the company's pre-priced product offerings.

Now what

"As we continue to build an amazing experience for homeowners and service professionals, we're grateful to have an exceptional product visionary in the organization to step into the role of CEO," Chairman Joey Levin said in a statement. "I'm thrilled to see Oisin and his winning entrepreneurial spirit take the reins from here."

ANGI Homeservices reported fourth-quarter earnings earlier this month, which showed a 12% increase in revenue. The number of service professionals transacting on ANGI's marketplace increased to a record 208,000, while service professionals using the company's advertising services was 39,000.

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