Angi Inc. Shuffles Legal Leadership, CEO Gets New Contract

TL;DR

Angi's CLO is out, new one in, CEO got a new deal.

AI Summary

Angi Inc. announced on April 5, 2024, the departure of its Chief Legal Officer, Sarah Simmons, effective April 8, 2024. The company also appointed Michael Tolleson as the new Chief Legal Officer. Additionally, Angi Inc. entered into a new employment agreement with its Chief Executive Officer, William L. Anstis, effective April 5, 2024.

Why It Matters

Changes in key executive positions, especially the Chief Legal Officer and CEO, can signal shifts in company strategy or internal stability.

Risk Assessment

Risk Level: medium — Executive departures and new employment agreements can indicate internal changes that may affect future performance.

Key Players & Entities

• Angi Inc. (company) — Registrant
• Sarah Simmons (person) — Departing Chief Legal Officer
• April 8, 2024 (date) — Effective date of Sarah Simmons' departure
• Michael Tolleson (person) — Appointed Chief Legal Officer
• William L. Anstis (person) — Chief Executive Officer
• April 5, 2024 (date) — Effective date of CEO employment agreement

FAQ

Key Financial Figures

• $0.001 — tered Class A Common Stock, par value $0.001 ANGI The Nasdaq Stock Market LLC (
• $650,000 — gible to receive an annual base salary ($650,000, which represents an increase from $600
• $600,000 — ,000, which represents an increase from $600,000 pursuant to the Amendment), discretiona
• $4.50 — Class A common stock equals or exceeds $4.50 for a period of thirty (30) consecutive
• $6.00 — Class A common stock equals or exceeds $6.00 for a period of thirty (30) consecutive
• $7.50 — Class A common stock equals or exceeds $7.50 for a period of thirty (30) consecutive
• $10.00 — Class A common stock equals or exceeds $10.00 for a period of thirty (30) consecutive

Filing Documents

• tm2411363d1_8k.htm (8-K) — 43KB
• tm2411363d1_ex10-1.htm (EX-10.1) — 10KB
• tm2411363d1_ex10-2.htm (EX-10.2) — 38KB
• tm2411363d1_ex99-1.htm (EX-99.1) — 7KB
• 0001104659-24-044820.txt ( ) — 287KB
• angi-20240405.xsd (EX-101.SCH) — 3KB
• angi-20240405_lab.xml (EX-101.LAB) — 33KB
• angi-20240405_pre.xml (EX-101.PRE) — 22KB
• tm2411363d1_8k_htm.xml (XML) — 4KB

02. Departure of Directors

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. CEO Transition On April 8, 2024, Angi Inc. (the "Registrant" or "Angi") announced that Jeffrey W. Kip, President of Angi, was appointed to succeed Joseph Levin as Chief Executive Officer of Angi and will be appointed as a member of the Angi board of directors, effective immediately. Mr. Levin, who serves as Chief Executive Officer of IAC Inc., Angi's controlling shareholder, will remain as Chairman of the Angi board of directors. Mr. Kip, age 56, has served as President of Angi since November 2023 and as Chief Executive Officer of Angi International (formerly known as HomeAdvisor International) since April 2016. Prior to serving in this role, Mr. Kip served as Chief Financial Officer of IAC Inc. (home to dozens of popular online brands and services used by millions of consumers each day and Angi's controlling stockholder ("IAC")) from March 2012 to April 2016. Before joining IAC, Mr. Kip served as Executive Vice President, Chief Financial Officer of Panera Bread Company (a national bakery-cafe concept in the United States and Canada ("Panera")) from May 2006 to March 2012. From November 2003 until May 2006, Mr. Kip served as Panera's Vice President, Finance and Planning, and as Vice President, Corporate Development from May 2003 until November 2003. From November 2002 until April 2003, Mr. Kip served as an Associate Director and Director at UBS (an investment banking firm), and from August 1999 until November 2002, as an Associate at Goldman Sachs & Co. LLC (an investment banking firm). Since May 2022, Mr. Kip has served on the board of directors of Berkshire Hills Bancorp, Inc. (a bank holding company) and its subsidiary, Berkshire Bank (the largest regional bank headquartered in Massachusetts and the operator of 130 branches in New England, New York and the Mid-Atlantic). CEO Employment Arrangements and

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 8, 2024, the Registrant issued a press release announcing Mr. Kip's appointment as Chief Executive Officer of Angi and to the Angi board of directors, as well as Mr. Levin's resignation from his position as Chief Executive Officer of Angi and his agreement to remain as Chairman of the Angi board of directors. A copy of the press release is furnished herewith as Exhibit 99.1. The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Registrant's filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Amendment to Employment Agreement, dated as of April 5, 2024, between Angi Inc. and Jeffrey W. Kip. 10.2 Performance Stock Unit Agreement, dated as of April 5, 2024, between Angi Inc. and Jeffrey W. Kip. 99.1 Press Release of Angi Inc., dated April 8, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ANGI INC. By: /s/ Shannon Shaw Name: Shannon Shaw Title: Chief Legal Officer Date: April 8, 2024

View Full Filing

View this 8-K filing on SEC EDGAR