DENVER - Angi Inc. (NASDAQ: ANGI), a prominent player in the home services market, announced today the promotion of Jeff Kip to the position of Chief Executive Officer. Kip, who previously held the role of Angi's President, takes over the leadership from Joey Levin, who will remain as Chairman of the Board.
Kip's ascension to CEO is effective immediately, following his service as President since November 2023. His history with Angi includes a substantial tenure as CEO of the company's international operations, where he managed the integration of various product and technology platforms across six countries, contributing to significant growth and improved margins.
Joey Levin, outgoing CEO of Angi and CEO of parent company IAC, praised Kip's contributions and the vision he brings to Angi's future. Kip expressed his gratitude for the appointment and his eagerness to advance the company's mission, aiming to make Angi the premier destination for homeowners and service professionals alike.
Before joining Angi, Kip's experience spanned across financial and leadership roles. He served as Chief Financial Officer at IAC and spent six years in the same capacity at Panera Bread (NASDAQ:PNRA) Company. His career also includes positions at prominent investment banking firms UBS and Goldman Sachs (NYSE:GS).
Angi, founded in 1995, has positioned itself as a comprehensive solution for homeowners seeking to complete home projects effectively and for service professionals looking to grow their businesses. The company boasts a vast network of skilled professionals and has facilitated home maintenance, repair, renovation, and improvement for over 150 million people, simultaneously aiding the growth of numerous local businesses.
This transition in leadership marks a new chapter for Angi as it continues to evolve and expand its services within the home care industry. The information for this article is based on a press release statement.
InvestingPro Insights
As Angi Inc. (NASDAQ: ANGI) welcomes Jeff Kip as the new Chief Executive Officer, investors and stakeholders are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Angi's market capitalization stands at approximately $1.15 billion USD. Despite a challenging period with a revenue decrease of nearly 23% in the last twelve months as of Q4 2023, the company maintains a strong gross profit margin of 95.43%, suggesting effective cost management within its core operations.
InvestingPro Tips highlight that Angi's stock has experienced significant volatility recently, with a notable decline over the last week and month, but it also saw a large price uptick over the last six months. This could indicate market reactions to both short-term challenges and longer-term optimism about the company's prospects. Analysts predict that Angi will turn profitable this year, which could be an encouraging sign for potential investors.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, Angi currently has nine more tips available, offering deeper insights into the company's performance and potential. To access these insights, visit https://www.investing.com/pro/ANGI and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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