Angie's List co-founder Bill Oesterle makes a surprising announcement that he is
stepping down as the company's CEO, a position he has held since 1999, to pursue other interests. Oesterle made national headlines when he voiced strong opposition to Indiana's passage of the Religious Freedom Restoration Act ("RFRA") and pulled plans to expand the company's headquarters in Indianapolis under a plan that included $18.5 million in incentives offered by the City of Indianapolis. Oesterle refused to support compromise language added to the law in the wake of the media-created firestorm over the law's passage, which clarified it did not permit businesses to use the law as a license to discriminate against persons based on their sexual orientation or gender identity. Wall Street is reacting favorably to Oesterle's planned departure. The stock is trading up 10% already today on the news, perhaps suggesting a sale of the company may be imminent. The company has never had a profitable year in its nearly two decades of existence and has been the subject of a number of class action lawsuits brought on behalf of shareholders and subscriber members of the consumer rating site.
UPDATE: The IBJ, which is owned by Mitch Daniels' BFF, Mickey Maurer, speculates that Oesterle may be
gearing up to run for governor. Maurer, of course, sits on Angie's List's board, and Oesterle sits on Maurer's National Bank of Indianapolis' board. Oesterle managed Daniels' 2004 gubernatorial campaign. The pieces to the puzzle are falling in place. Gee, I wonder who is paying for the "Pence Must Go!" yard signs?
17 comments:
This is not unexpected...the sham they pulled about exiting their doomed $18 mil bailout over the RFRA was a joke. Angies List saw the writing on the wall and blamed the RFRA for their exit. They never have turned a profit...add 2+2 and you get a CEO golden parachute exit.
He has no "other interests."
It looks like ANGI might be on the block with a suitor in mind, and the new company wants to clear out personnel and salaries before they take over.
To the extent that this hints of a possible merger, the stock would predictably rise.
If this is a merger or a sale, can you imagine the mass layoffs coming at Angie's?
This will be bad for Indy, and 9:32 correctly spotted the sham.
The good news just doesn't stop today on Advance Indiana. With Pimp Oesterle away what will Indy's local Queen of Corporate Welfare Angie Hicks do?
And let us not forget all the schmucks on our City Council who were only too willing to publicly show us in statement and in deed they were only too willing to throw more taxpayer dollars at this phony company even in the face of the too-numerous-to-count stories about the local Ponzi Scheme known as "Angie's List".
I call on all Marion County voters to join me and not cast one ballot for any City Councilor of any political party who publicly defended the profitless Angie's List and supported a potential $18.5 Million crime against their own constituents.
I wouldn't worry about Bill or Angie's future. They've both become multi-millionaires who will never have to work another day in their lives if they so choose.
Oesterle can do better. A great man. Helped put Pence in his place. Told the truth about Indiana. Took a stand against discrimination. And even bigger news. Rush Limbaugh will no longer be carried on WIBC. He’s being dropped. God looked down, and smote Rush Limbaugh for his wickedness, and the Christians trembled.
Angie & Bill, two people who become multi-millionaires starting and running a company that lost money in 20 straight years and continually asked for handouts from taxpayers. Good old American capitalism at its finest.
I hope somebody is watching the City Council's stock trades.
If this thing is being sold, and if the Council knows about it, but we don't, those Council members had better not go out and trade on non-public information.
Gary, interesting in your former article how you thought Daniels was behind the Pence public-shaming. Now Daniels' former campaign manager is now thinking about running for governor - how interesting.
Yes, and they're trying to get his other campaign manager, Eric Holcomb, appointed to Coats' Senate seat. They must first complete their plan with Gannett to conflate an ethics matter into a criminal matter to force Pence's resignation. Coats can then resign so Ellspermann can appoint Holcomb to the Senate seat.
I really wonder if there isn't some insider trading going on in Angie's List stock. Angie's List opened about a $1 higher than it closed on Tuesday, all due to after hours trading. Granted the announcement of Oesterle's resignation and an increase in earnings projection happened at 8:50 and the stock market opens at 9:30. So maybe the trading took place during the 40 minutes before the stock market open when the information was publicly available. But I have my doubts.
And what’s the problem with Mitch Daniels pulling the strings behind the scenes, anyway? He’s a brilliant man. I lean left and I still think Mitch Daniels was the best we’ve ever had. You expect me to shed a tear for dense Pence? Daniels stepped up and solved our property tax crisis when nobody else had a clue. And you Oesterle degraders can go suck lemons or pound sand. His instincts during the RFRA mess were excellent. He’s a leader. I’ll happily put a sign in my yard supporting the dumping of Pence, who brought shame and embarrassment on this State. Things are going to change. If you doubt that you’re clueless.
Osterle has nothing positive to say about his run at Angie's List. He continuously lost money, downsized, and lost money. Obviously he is not fit to lead a corporation as a chief executive. Additionally his downfall may well be the public position he took against RFRA, which garnered negative publicity for a company begging for a $18M taxpayer handout.
Let's not forget that his business model is in the process of being exposed in a federal courtroom, wherein a suit was filed for Angie's List operating a racket: purporting to be a consumer reporting agency while selling advertising with promises that negative reports will not affect the advertiser's business rating.
Anon 1:39, are you referring to the Governor who did nothing while those around him stuffed taxpayer money into their pockets? Are you referring to a Governor whose department heads were continually plagued with scandals that the Governor did nothing to avert? If that's your measure of brilliance, Mitch Daniels was definitely brilliant.
1:39: Mitch should be arrested and held on federal, local and regional crimes.
And nobody saying anything about the lawsuits that bring out the truth about Angie's List that its a sham of a company that ranks companies not by their reviews but rather the amount of advertising that is purchased?
RFRA is just a convenient excuse that works for the Gannett crowd.
He left a job he held for over 20 years to prepare for an election held at the end of next year? I worked for an upscale store once that was bleeding money.As people begin to get fired ,they came up with the craziest reasons as to why they were leaving.Maybe Angie lost a bunch of Christian customers,who knows,but this seems awful sudden!
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