Form 8-K - Current report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2024

 

 

Frontdoor, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-38617	82-3871179
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
3400 Players Club Parkway,
Memphis, Tennessee				38125
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 901 701-5000

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		FTDR		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 5, 2024, Frontdoor, Inc. (the “Company”) announced that the Board of Directors (the “Board”) of the Company appointed Evan Iverson, age 47, as the Company’s Senior Vice President and Chief Operating Officer effective as of August 1, 2024. Mr. Iverson had served as the Company’s Senior Vice President and Chief Operations Officer since January 2024, having joined the Company in January 2019 as Vice President Operations, and served from August 2023 to December 2023, as Senior Vice President of Contractor Engagement. From December 2015 to December 2018, Mr. Iverson served as Senior Product Manager in Global Fulfillment Services for Amazon.com, a multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. From September 2009 to December 2015, Mr. Iverson served as Associate Principal of McKinsey & Company, a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth. From 2001 to 2007, Mr. Iverson began his career as a salesperson at Trane, a manufacturer of commercial and residential heating, ventilation, and air conditioning systems, along with building management systems and controls. Mr. Iverson holds a Bachelor’s in Science degree in Chemical Engineering from Iowa State University, an M.B.A. from the University of Virginia Darden School of Business, and a Juris Doctor from the University of San Diego, School of Law.

In connection with his appointment as Senior Vice President and Chief Operating Officer, the Compensation Committee of the Board approved an increase to Mr. Iverson’s annual base salary from $475,000 to $550,000 and an increase to his target annual incentive bonus opportunity from 60% to 70% of his base salary, in each case, effective August 1, 2024. Mr. Iverson will remain eligible to participate in the Company’s long-term incentive, severance and other benefit plans available to our executive officers.

Item 7.01 Regulation FD Disclosure.

A press release announcing the appointment of Mr. Iverson as Senior Vice President and Chief Operating Officer, as described above, is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.		Description of Exhibit
99.1		Press Release of Frontdoor, Inc., dated August 5, 2024
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			FRONTDOOR, INC.
Date:	August 5, 2024	By:	/s/ Jeffrey A. Fiarman
		Name: Title:	Jeffrey A. Fiarman Senior Vice President, Chief Legal Officer and Secretary

 

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Exhibit 99.1

FRONTDOOR PROMOTES EVAN IVERSON TO

CHIEF OPERATING OFFICER

MEMPHIS, Tenn. – (Aug. 5, 2024) – Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home warranties, today announced that Evan Iverson has been promoted to Senior Vice President and Chief Operating Officer, effective August 1, 2024.

“In his five years with Frontdoor, Evan has consistently demonstrated strong leadership, strategic insight, and the ability to see the toughest missions through to completion,” said Bill Cobb, Frontdoor’s Chairman and CEO. “I have complete confidence in his ability to help take the business to even higher levels of performance.”

As Chief Operating Officer, Iverson’s responsibilities now include oversight of the company’s technology strategy and architecture, as well as the integration and delivery of technology into the company’s service offerings. This is in addition to maintaining his responsibilities for the day-to-day operational functions of the American Home Shield and Frontdoor brands with a focus on enhancing the contractor and member experiences, and managing relationships with the approximately 16,000 independent contractors who service American Home Shield and Frontdoor customers.

“I am honored by this promotion, and I’ll do everything in my power to ensure Frontdoor and American Home Shield continue to deliver for our two million members,” Iverson said.

Iverson joined Frontdoor in January 2019 as Vice President Operations, and served from August 2023 to December 2023, as Senior Vice President of Contractor Engagement. He was promoted to Chief Operations Officer in January 2024. Before joining Frontdoor, his senior leadership roles included service at Amazon.com as the Senior Product Manager in Global Fulfillment Services, and for McKinsey & Company as Associate Principal.

 

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About Frontdoor, Inc.

Frontdoor is reimagining how homeowners maintain and repair their most valuable asset - their home. As the parent company of two leading brands, we bring over 50 years of experience in providing our members with comprehensive options to protect their homes from costly and unexpected breakdowns through our extensive network of pre-qualified professional contractors. American Home Shield, the category leader in home service plans with approximately two million members, gives homeowners budget protection and convenience, covering up to 23 essential home systems and appliances. Frontdoor is a cutting edge, one-stop-app for home repair and maintenance. Enabled by our Streem technology, the app empowers homeowners by connecting them in real time through video chat with pre-qualified experts to diagnose and solve their problems. The Frontdoor app also offers homeowners a range of other benefits including DIY tips, discounts and more. For more information about American Home Shield and Frontdoor, please visit www.frontdoorhome.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor's filings with the United States Securities and Exchange Commission (which are available on the SEC's EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).

Media:
Tom Collins
[e-mail]

FTDR-company

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Document And Entity Information	Aug. 02, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2024
Entity Registrant Name	Frontdoor, Inc.
Entity Central Index Key	0001727263
Entity Emerging Growth Company	false
Entity File Number	001-38617
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3871179
Entity Address, Address Line One	3400 Players Club Parkway,
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38125
City Area Code	901
Local Phone Number	701-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FTDR
Security Exchange Name	NASDAQ

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