INDIANAPOLIS (AP) — Long-time Angie's List CEO William S. Oesterle will step down to pursue other interests, including becoming more civically involved in the consumer review site's home state of Indiana, the company announced Wednesday.
Oesterle will remain CEO until his successor is selected and plans to serve out the remainder of his term on the company's board.
Shares of Angie's List soared after the Indianapolis company announced Oesterle's plan and lifted a forecast for a measure of profitability.
Oesterle co-founded Angie's List in 1995 with Chief Marketing Officer Angie Hicks and has served as CEO since 1999. He guided the company through its 2011 initial public offering of stock. The company didn't offer details on the executive's future plans.
Oesterle managed former Indiana Governor Mitch Daniels' political campaign and was outspoken during a recent, high-profile debate over a state religious objections law that had sparked criticism that it could sanction discrimination against gay people. Oesterle said late last month that his company was suspending a planned $40 million expansion in Indianapolis because of the law.
Angie's List has started a search for Oesterle's replacement and said it will consider internal and external candidates.
The company also raised its forecast for 2015 adjusted earnings before interest, taxes, depreciation and amortization to a range of $30 million to $32 million from $28 million to $30 million.
Shares of Angie's List Inc. jumped nearly 10 percent, or 55 cents, to $6.17 in midday trading while broader indexes rose slightly.