An Angie's List Inc. executive has been let go as part of a restructuring of management, the Indianapolis-based consumer services ratings company disclosed Thursday in a public filing.
Patrick D. Brady, president of marketplace, was terminated Wednesday, the filing said. Angie's List said it wouldn't "immediately replace" the position and will "realign the responsibilities among existing senior leaders" who report to interim CEO Mark Howell.
According to his employment agreement, Brady will receive a lump-sum severance payment of $403,000, representing 12 months of his base salary, plus reimbursement of up to 12 months of COBRA premium payments.
The Harvard-educated Brady has been with Angie's List since May 2013. Before that, he was CEO of North Carolina-based marketing firm Stoneacre Partners LLC for more than 10 years.
In addition on Thursday, Angie's List revealed financial terms of its separation agreement with former CEO Bill Oesterle, who stepped down June 30 after more than 16 years leading the company. Oesterle will serve as an independent consultant to Howell and the board of directors through Sept. 29 for a fee of $30,000, the company said.
The company said Oesterle will receive a separation payment of $150,000 in exchange for agreeing to an 18-month pact not to compete within the local services or daily deal industry.
Angie's List shares rose 1.4 percent Thursday, to $5.96 each.