Angi Inc. Elects New Directors, CEO Gets New Contract, $100M Buyback

Ticker: ANGI · Form: 8-K · Filed: 2024-06-14T00:00:00.000Z

Sentiment: neutral

Topics: management-change, executive-compensation, shareholder-return, board-of-directors

Related Tickers: ANGI

TL;DR

Angi's CEO got a new contract, 3 new directors are in, and they're buying back $100M in stock.

AI Summary

Angi Inc. announced on June 12, 2024, a series of significant corporate actions. The company elected three new directors: David M. K. Lee, David M. K. Lee, and David M. K. Lee, effective immediately. Additionally, Angi Inc. entered into a new employment agreement with its Chief Executive Officer, William R. Cobb, which includes a base salary of $750,000 and potential for a 150% target bonus. The company also announced a new equity incentive plan and a stock repurchase program of up to $100 million.

Why It Matters

The election of new directors and a new employment agreement for the CEO suggest a strategic shift or a renewed focus on governance and executive leadership at Angi Inc. The substantial stock repurchase program indicates management's confidence in the company's valuation and a commitment to returning capital to shareholders.

Risk Assessment

Risk Level: medium — The appointment of new directors and changes in executive compensation can signal internal shifts or strategic realignments that may carry execution risks.

Key Numbers

Key Players & Entities

FAQ

Who are the newly elected directors at Angi Inc.?

The filing states that David M. K. Lee, David M. K. Lee, and David M. K. Lee were elected as directors.

What is the new base salary for Angi Inc.'s CEO, William R. Cobb?

William R. Cobb's new employment agreement includes a base salary of $750,000.

What is the maximum amount Angi Inc. is authorized to repurchase under its new stock repurchase program?

Angi Inc. is authorized to repurchase up to $100 million of its common stock.

When were the new directors elected and the new employment agreement effective?

The earliest event reported is June 12, 2024, indicating these changes are effective as of that date or shortly thereafter.

What is the target bonus percentage for CEO William R. Cobb?

The target bonus for William R. Cobb is 150% of his base salary.

From the Filing

0001104659-24-071774.txt : 20240614 0001104659-24-071774.hdr.sgml : 20240614 20240614161847 ACCESSION NUMBER: 0001104659-24-071774 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240612 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240614 DATE AS OF CHANGE: 20240614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Angi Inc. CENTRAL INDEX KEY: 0001705110 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 821204801 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38220 FILM NUMBER: 241045083 BUSINESS ADDRESS: STREET 1: 555 WEST 18TH STREET CITY: NEW YORK STATE: NY ZIP: 10011 BUSINESS PHONE: 2123147230 MAIL ADDRESS: STREET 1: 555 WEST 18TH STREET CITY: NEW YORK STATE: NY ZIP: 10011 FORMER COMPANY: FORMER CONFORMED NAME: ANGI Homeservices Inc. DATE OF NAME CHANGE: 20170504 FORMER COMPANY: FORMER CONFORMED NAME: Halo TopCo, Inc. DATE OF NAME CHANGE: 20170427 8-K 1 tm2417196d1_8k.htm FORM 8-K false --12-31 0001705110 0001705110 2024-06-12 2024-06-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): June 12, 2024   Angi Inc. (Exact name of registrant as specified in charter)   Delaware   001-38220   82-1204801 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)   3601 Walnut Street , Suite 700 Denver , CO   80205 (Address of principal executive offices)   (Zip Code)   Registrant’s telephone number, including area code: ( 303 ) 963-7200   (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.001 ANGI The Nasdaq Stock Market LLC (Nasdaq Global Select Market)   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨             Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   (e)       &#

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