Angie's List Shares Surge 11% As Company Raises EBITDA Outlook, Says CEO To Step Down

Angie's List Inc. shares surged 11% in premarket trade Wednesday, after the company raised 2015 EBITDA guidance and said its chief executive is stepping down. The company said William Oesterle is leaving to pursue other interests, including becoming more civically active in the state of Indiana. Oesterle was one of nine CEOs to send a letter to Republican Gov. Mike Pencly last month to protest the state's planned religious-objections law, which was viewed by many as discriminating against gay people. Angie's List board has started to search for a new CEO, and Oesterle will remain in place until one is found. The company confirmed 2015 revenue guidance of $357 million to $363 million and raised its outlook for earnings before interest, taxes, debt and amortization, or EBITDA, to $30 million to $32 million from a prior $28 million to $30 million, mostly due to cost savings. Shares have fallen 10% in the year so far, while the S&P 500 has gained 1.8%.

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