Business
CoStar Group Announces Board Refreshment and Corporate Governance Enhancements
Appoints John Berisford, Rachel Glaser and Christine McCarthy to the Board as Independent Directors Appoints Louise Sams Chairman of the Board Establishes
About this update from Costar Group, Inc.
[{"type":"text","content":"\nAppoints John Berisford, Rachel Glaser and Christine McCarthy to the Board as Independent Directors\n\nAppoints Louise Sams Chairman of the Board\n\nEstablishes Capital Allocation Committee of the Board to Comprehensively Evaluate Significant Investments and Confirm Financial Targets\n\nEnters into Support Agreements with the D. E. Shaw Group and Third Point\n\n ARLINGTON, Va.--(BUSINESS WIRE)--\nCoStar Group, Inc. (NASDAQ: CSGP) (“CoStar Group,” the “Company,” “we,” “us” or “our”), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property market, today announced the appointment of John Berisford, Rachel Glaser and Christine McCarthy to the Company’s Board of Directors (the “Board”). As part of the Company’s ongoing refreshment efforts, Michael Klein, Christopher Nassetta and Laura Kaplan have retired from the Board and Louise Sams was appointed as independent Board Chair, effective immediately. The Board will comprise eight directors, seven of whom are independent.\n\nThe Board also established a Capital Allocation Committee to support the Board’s and management’s comprehensive review of the Company’s capital structure, capital allocation priorities and financial targets, including for international expansion and significant investments by the Company’s major brands, including CoStar, Apartments.com, LoopNet and Homes.com. As part of its work, the Committee will review the Company’s ongoing investment in Homes.com and ensure an appropriate timeline for profitability. The Capital Allocation Committee includes independent directors Berisford, McCarthy, Robert Musslewhite and Andy Florance, CoStar Group’s Founder and Chief Executive Officer, who will serve as the chair of the Committee.\n\n“These Board additions and the creation of the Capital Allocation Committee align with our commitment to strong governance practices and focus on enhancing stockholder value,” said Sams. “We appreciate the constructive dialogue and perspectives of the D. E. Shaw group and Third Point and look forward to working with our new independent directors as we oversee the execution of CoStar Group’s initiatives to unlock profitable growth opportunities.”\n\n“With the strength and support of the refreshed Board, CoStar Group is well positioned to extend its long track record of creating s...