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Another top executive leaves Angie's List

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Angie’s List has lost its second, high-ranking officer in four months, with the departure of Chief Technology Officer Manu Thapar.

The Indianapolis-based consumer reviews firm announced Thapar's departure on Monday morning in a regulatory filing. “Thapar’s employment with the company has ended effective September 27,” according to the filing.

Thapar had been with Angie's List two years. It was not immediately clear whether he resigned or was terminated. Conspicuously absent in Monday’s announcement was the type of praise CEO Bill Oesterle heaped on Chief Financial Officer Robert Millard when Millard announced last March that he would step down on June 28.

In the first nine months of this year, Thapar was busy exercising his Angie’s List stock options, which yielded gains of at least $730,000, according to Securities and Exchange Commission filings.

An Angie's List representative did not respond to a request for comment on Tuesday morning. Pending Thapar’s replacement, the responsibilities of CTO have been assumed by other members of Angie’s engineering team.

Angie's List shares tumbled nearly 6 percent on Monday, and were down another 7 percent in morning trading on Tuesday, to $20.83 per share. The stock price is up 75 percent since the beginning of the year.

Monday's filing said that Tharpar is eligible to receive severance benefits as promised in his offer letter from Sept. 16, 2011. That letter specified that if the company decided to sever employment without cause, he would be entitled to his annual salary of $300,000 plus his targeted bonus, which was $160,000.

Before joining Angie’s List Thapar was vice president of engineering at Walmart.com. He also has held various positions at Myspace, Yahoo! and Cisco Systems.

Thapar helped oversee an expansion of e-commerce functions at Angie’s List, which is best-known for publishing consumer reviews of plumbers, mechanics and other service providers.

In recent years, Angie’s began offering online deals directly to members through its Storefront and Big Deal functions.

Millard's former CFO position was filled last month by Tom Fox, former senior director of business planning at wireless phone maker Nokia.

Angie's List has vexed industry watchers since it went public in November 2011. The 18-year-old company has never turned an annual profit, leading investors to wonder whether it is wildly overvalued or on the brink of hitting a sweet spot for profits.

The firm is growing at a torrid rate. It had paid memberships at the end of the second quarter of 2.2 million, up 51 percent from a year earlier. Revenue in the first six months of 2013 topped $111 million, up from $61 million. And its loss in the first half of this year shrank to $22 million, compared with $37 million in the first half of 2012.

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  • Angie List question
    I have a question-not an accusation-re how this happens-AngieList policy? I had a local roofing co. "forced" on me by my insurance co.--and in lst 2 weeks began to see shoddy,dishonest,inept slate repair so that I stopped the work and demanded expert opinion. I did that because I neglected to check C----Roofing inititally,trusting my longtime insurer. But on checking I found they had D, 1 of worst rating on A List--then checked and found multiple law suits pending for misrepresentation, false material claims--THE WORST. (Wisely-I printed out!)I demanded,got remedial "expert" inspection which validated bad multiple errors--too late to fire them (no reputable co.could take over-would void warranty-etc,)BUT HERE IS MY QUESTION--Why, in a matter of days when I again checked A List-same company-suddenly the D rating and complaints no longer existed!! No rating I was told. BEAR IN MIND--This days after I had confronted roof co. owner in presence of insurance adjuster with actual A List complaints. So, can a bad rated firm "sanitize" its bad rating underhanded because it sure never corrected its bad work. I was a longtime AList member back to original Unified Neighbors--but no longer have confidence in ratings. Anybody know ???
  • CEO & CMO
    Angie Hicks and Bill Osterle both dropped stock toward the end of quarter 2. Bill was over $3MM and Angie over $1MM. Now everyone is resigning? Sound like an explosion waiting to happen.
  • Earnings?
    How long can you tread water? They have never made any money and now.....lower rates in key cities for new subscribers, while charging existing ones the same rate? How long will that take for existing subscribers to leave. Lower fees by 75% will reduce the time they can tread water significantly.
  • @ A Xroads....
    I think Angie's List is really at a crossroads. They need to build tools that solve problems. The whole "online reviews" thing has really run its course. We now KNOW that over 20% of the Yelp reviews are fake, so the same most likely applies to Angie's List. I think most people are okay with this but people WANT value. IF Angie's List can build tools and services (not just using other peoples content (reviews)) that add value then Angie's List WILL make money. Read more - http://beta.fool.com/jgmoorejr/2013/07/02/why-angies-list-beats-yelp/38630/
  • Flawed Business Model
    Angies List commercials are very deceptive. They say companies do not pay to be Angies List, This is partially true.. If you don't pay, you are on page 10.. You pay to be moved at the top of the list.. It is very easy to fake online reviews thru Angies List. They do not check the CC you use vs. the Account name you use... Very easy for a business owner or relative of a business owner to log in pay the small fee and write yourself a FAKE Online Review..
  • What to think? Success or failure?
    I'm not sure what to think of Angie's List. The only person who seems to benefit is Angie and the executive suite. They fire as many good people as they hire, their business model seems questionable at best and you can't help but wonder if this company is really a success or not?? Time to take a closer look.
  • Insider trading?
    did i not see where a top executive sold shares a few days ago? Just saying.... Greed is alive ans well.

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