ANGI Homeservices Inc. on Tuesday announced that it would promote Chief Product Officer Brandon Ridenour to CEO at the beginning of 2019.
Current CEO Chris Terrill will vacate the position and his board seat at the end of the year, the company said.
Golden, Colorado-based ANGI Homeservices was formed late last year by the merger of Indianapolis-based Angie’s List and Golden-based HomeAdvisor.
The company, which is owned by New York City-based holding company IAC, maintains major operations in Indianapolis, with more than 1,000 employees.
Terrill, 50, was CEO of HomeAdvisor for almost seven years before taking the lead role at ANGI Homeservices after the merger. He will continue to work as an adviser to the company after the leadership transition.
“The past seven-and-a-half years as CEO of HomeAdvisor, and more recently ANGI Homeservices, have been an extreme honor and an incredible journey,” Terrill said in written remarks. “We’ve just marked the one-year anniversary of the formation of ANGI Homeservices, and the business is seeing strong performance on all key metrics—from revenue and cost savings to integration and product innovation—making this the right time for me to hand over the reins and move on to the next stage of my life.”
Terrill was the highest paid executive in Colorado in 2017, receiving compensation of $68.8 million during the year, the Denver Post reported.
As chief product officer, Ridenour manages web and mobile product strategy, product design and development, as well as the operations of HomeAdvisor's North American subsidiaries, HomeStars, mHelpDesk and CraftJack. He joined HomeAdvisor in 2011. He previously served as senior vice president of ecommerce at Nutrisystem Inc.
Ridenour will join the ANGI Homeservices board of directors along with Craig Smith, the company’s president and chief operating officer.
“Today’s leadership change is part of a succession plan that’s been a long time in the making, and Brandon’s track record makes clear why he is the board’s obvious pick,” said IAC chief executive Joey Levin in written remarks. “Brandon knows this business inside and out and has the depth of experience, ambition and vision required to drive the next phase of innovation and expansion in this category.”
The announcement comes as HomeAdvisor prepares to move its corporate headquarters from Golden to Denver’s River North Art District.
“I’m humbled to step into the CEO position at such a pivotal moment for the company,” Ridenour said. “Chris is a remarkable and empowering leader and a trusted mentor and friend. I’m proud to have worked with and learned from him over many years.”
ANGI Homeservices shares dropped 87 cents prior to the announcement Tuesday, to $19.81 each.