Answer
The angular speed increases.
Work Step by Step
Angular momentum is always conserved when the net external torque acting on a system is zero. This momentum is equal to $$L=I\omega$$ Solving for $\omega$ yields $$\omega=\frac{L}{I}$$ Since the radius from the axis of rotation increases, the moment of inertia $I=mr^2$ must decrease. Since the linear momentum remains unchanged and the moment of inertia decreases, the angular speed must increase.
