MEMPHIS, TN - Frontdoor , Inc. (NASDAQ:FTDR), a leading provider of home service plans with a market capitalization of $4.5 billion, announced today that board member Lara H. Balazs will not seek re-election at the company’s upcoming annual meeting. The departure, set for when Balazs’ term concludes in 2025, comes without any reported disagreements with the company’s operations, policies, or practices. The announcement comes as Frontdoor demonstrates strong market performance, with InvestingPro data showing an impressive 88% return over the past year.
Balazs’ notification to the board was made on February 5, 2025, and was publicly disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC) on the following day. Her decision to leave the board marks a significant transition for Frontdoor, but the company has not indicated any issues leading to this change. Under her board tenure, the company has maintained strong financial health, with InvestingPro analysis showing annual revenue of $1.83 billion and a healthy P/E ratio of 19.7. Balazs has been a part of the board during a time when the company has continued to provide services to dwellings and other buildings, as categorized under the Standard Industrial Classification (SIC) code 7340.
Frontdoor, Inc., which has its headquarters at 3400 Players Club Parkway, Suite 300, Memphis, Tennessee, and is incorporated in Delaware, operates under the IRS Employer Identification No. 82-3871179. The company’s fiscal year-end is December 31.
The announcement does not seem to be part of a larger corporate restructuring, as no other executive or director level changes were reported in the filing. The company has not yet announced a successor or provided details on the process for filling the upcoming board vacancy.
Investors and market watchers will be keeping an eye on Frontdoor’s next moves, as the company prepares for its annual meeting and the transition of its board of directors. The information provided in this article is based solely on the press release statement from the company’s SEC filing.
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