3 weeks ago
26
Following investor pressure from hedge funds D.E. Shaw and Third Point, CoStar Group, the parent company of Homes.com, is making changes to its board of directors as it looks to put Homes.com on the path toward profitability.
On Monday, the Andy Florance-led firm announced its appointment of three new independent directors: John Berisford, Rachel Glaser and Christine McCarthy.
These three new directors are replacing Michael Klein, Christopher Nassetta, and Laura Kaplan, who all retired from the Board. In addition, Louise Sams who has served on the CoStar Group board since 2019, was appointed as independent board chair. CoStar’s board includes eight directors, seven of whom are independent.
The company also announced that the board had established a capital allocation committee, whose job will be to review CoStar’s capital structure, as well as how it is allocating funds and its financial targets, including international expansion and investments in its major brands, including Homes.com, LoopNet and Apartments.com.
Additionally, the filing noted that this committee will specifically oversee Homes.com’s investment and profitability timeline. This committee will include Berisford, McCarthy, Robert Musslewhite and Florance, who will serve as the chair of the committee.
CoStar has heavily invested in Homes.com over the past year. The company launched its monetization strategy in February 2024, prioritizing real estate agent memberships. The vertical will get its own dedicated sales force in 2025.
The filing also noted that CoStar has entered into support agreements with D.E. Shaw Group and Third Point, which it says is in regard to “matters relating to the election of directors to the Company’s Board of Directors.”
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