INDIANAPOLIS, March 17, 2014 (GLOBE NEWSWIRE) -- Angie's List (Nasdaq:ANGI) today announced that Keith Krach, Chairman of the company's Board of Directors, has decided to retire from the board effective on the date of the company's annual meeting of stockholders in May.
The company further announced that the Nominating and Corporate Governance Committee of the Board has commenced a process to identify a successor for Mr. Krach as Chairman, and expects to name his successor at or before its annual meeting.
"Leaving the board of this great company at a time when it is only beginning to realize its market opportunity was a very difficult decision," said Mr. Krach. "That said, the growing demands of serving as Chief Executive Officer of DocuSign have made it increasingly difficult to devote the time and energy that Angie's List deserves in its Chairman, and I have concluded that the time is right to step aside."
Bill Oesterle, Angie's List's Chief Executive Officer and founder, thanked Mr. Krach for his service.
"Since joining the Board just before our IPO, Keith has made tremendous contributions to Angie's List both in terms of his business insights and his dedication to the highest standards of corporate governance," Oesterle said. "We will sincerely miss him, but we are also deeply proud of Keith's accomplishments leading DocuSign to become the global standard for Digital Transaction Management, and wish him the greatest of success in his future endeavors."
Angie's List helps more than 2 million consumers in more than 253 cities across the U.S. have happy transactions with local service providers in 720 categories of service, ranging from home improvement to health care. The subscription business model includes a highly structured accountability process designed to provide members with highly reliable information they use to make hiring decisions. Angie's List members have access to local consumer ratings and reviews, exclusive discounts, the Angie's List magazine, and the Angie's List complaint resolution service.
All statements in this press release that are not historical are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act as amended, including statements regarding Angie's List's expectations with respect to its executive leadership team and growth opportunities. Such statements are subject to risks and uncertainties that could cause actual results to differ materially for Angie's List from those projected.