UPDATE 1-Angie's List names former Best Buy exec as CEO

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Sept 8 (Reuters) - Angie’s List Inc appointed Scott Durchslag, a former Best Buy Co Inc executive, as its new chief executive officer, the company said on Tuesday.

The company, known for letting its members review local businesses, has recorded only a handful of profitable quarters and its shares have lagged below the price of its initial public offering in 2011. Its shares traded up 7 cents, or 1.4 percent, at $5.11 on Tuesday.

The company, which was founded in 1995 and has about 3.2 million paid members, has been shifting from its origins as an online review site to a marketplace that helps customers find everything from chimney sweepers to plumbers. It generates the bulk of its revenue by taking a cut of these transactions and from advertising.

Durchslag replaces Bill Oesterle, the longtime CEO who said in April that he was stepping down from the Indianapolis-based company to pursue Indiana state politics.

Durchslag, who has been a paying member of Angie’s List since 2012 when he was looking for a roofing contractor, said he views local services as being ripe for disruption.

“This is a massive market. Largely, the surface has really just been scratched. The opportunity we have here is enormous,” he said.

He sees partnerships as one area for expansion. Angie’s List has deals with insurance provider Allstate Corp, paint company Benjamin Moore and Shaw, the carpet manufacturer, but could do more, Durchslag said. Angie’s List, which also has a strong brand and deep relationships with its service providers, can better tap customer data to make its service more personalized, he added.

Angie’s List faces new competition from Google Inc and Inc, as well as upstarts such as Thumbtack, which has a marketplace matching local services to customers.

Durchslag said Angie’s List has a head start on these rivals, with an estimated $10 billion to $15 billion in transactions per year between its members and service partners.

“There’s a massive learning curve that goes into this kind of thing,” he said.

Durchslag, who most recently was president of global commerce and marketing at Best Buy, also had stints at Expedia Inc, Skype and McKinsey & Co, and has experience in turnaround situations.

He was able to revive the Southeast Asia division of Motorola when he worked there in the early 2000s, according to former Motorola Mobile devices president Ron Garriques. (Editing by Jeffrey Benkoe)