Angi Inc. CEO Transition: Jeffrey Kip Departs; Michael Steib Named CEO

What Happened

• Angi Inc. announced on September 22, 2026 that Jeffrey W. Kip ceased serving as CEO and as a board member effective that date and will serve as a non-employee advisor through March 22, 2027. The Board appointed director Michael Steib (age 50) to succeed Mr. Kip as CEO effective September 22, 2026. Joseph Levin stepped down as Executive Chairman and executive officer but will remain Chairman and an employee. The Board size was reduced to nine members.

Key Details

• Separation terms for Jeffrey Kip: consulting period through March 22, 2027; additional cash payment of $325,000 (paid biweekly), COBRA premium payments for up to 18 months (paid biweekly), and potential vesting of 55,000 RSUs (granted Nov 13, 2023) and 166,667 RSUs (granted Apr 18, 2026) at the end of the consulting period, subject to release and other conditions; post-termination restrictive covenants run 12 months from the end of the consulting period.
• Employment agreement for Michael Steib: effective Sept 22, 2026 with an initial six-year term (auto-renews annually); annual base salary of $1.00 and no cash incentive; equity awards of 1,000,000 RSUs vesting in equal annual installments over four years and 1,000,000 PSUs tied to stock-price hurdles.
• PSU vesting schedule and hurdles: 300,000 PSUs at $10 (or later milestones on/after year 1), 300,000 at $12 (year 2), 300,000 at $14 (year 3), and 100,000 at $20 (year 4); hurdles require VWAP at or above the price for 30 consecutive trading days; unvested PSUs forfeited after six years if not achieved.
• Other material terms: RSUs fully vest on a Change in Control; PSUs convert to measurement against per-share consideration in a Change in Control; 24-month non-compete and non-solicitation post-employment covenants and a perpetual confidentiality covenant for Mr. Steib; if insufficient shares are available, awards may be settled in cash.

Why It Matters

• Leadership and governance: The CEO transition and a smaller board are material governance changes that could affect company strategy and execution. Investors should note the timing (effective Sept 22, 2026) and that Mr. Kip will remain engaged as a paid advisor through March 2027.
• Executive pay and incentives: The new CEO’s compensation is heavily equity-based (2,000,000 total shares tied to time- and performance-based vesting), aligning pay with stock performance but also raising potential dilution or cash-settlement exposure if shares aren’t available.
• Transition costs and obligations: The company disclosed specific separation and employment payments, ongoing COBRA support, and multi-year restrictive covenants, all of which are quantifiable items investors may consider when assessing near-term cash use and long-term leadership stability.
• Documentation: The full separation and employment agreements will be filed with Angi’s Form 10-Q for the quarter ending Sept 30, 2026 for more detail.