Frontdoor CEO Rex Tibbens resigns; Chairman William Cobb appointed CEO effective June 1, 2022

Frontdoor, Inc.

Rexford Tibbens resigns as President, CEO and director effective June 1; will remain as advisor through June 30.
William Cobb, previously Chairman, becomes CEO and continues as Chairman; no severance for Tibbens.
Cobb receives $825,000 base salary, 120% target bonus, $500,000 sign-on RSUs, and $3.5M annual equity grant.
Performance stock options vest at $35, $40, $45 VWAP targets; three-year performance shares with 0-200% payout.
Brian McAndrews elected lead independent director as Cobb assumes both Chairman and CEO roles.

item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Rexford J. Tibbens

President, Chief Executive Officer

FTDR · Frontdoor, Inc.

Effective: 2022-06-01
Successor: William C. Cobb
Filed: May 20, 2022, 7:59 PM ET

Rexford J. Tibbens, President, Chief Executive Officer and a member of the board of directors (the “Board”) of Frontdoor, Inc. (the “Company”) notified the Board of his resignation from all positions with the Company, effective as of June 1, 2022

Appointed

William C. Cobb

Chief Executive Officer

FTDR · Frontdoor, Inc.

Effective: 2022-06-01
Filed: May 20, 2022, 7:59 PM ET

On May 19, 2022, the Board elected its Chairman, William C. Cobb (65), as Chief Executive Officer, effective as of the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Rexford J. Tibbens resigned as President, Chief Executive Officer at Frontdoor, Inc..

Action: resigned
Role: President, Chief Executive Officer

Exact text from the filing

Rexford J. Tibbens, President, Chief Executive Officer and a member of the board of directors (the “Board”) of Frontdoor, Inc. (the “Company”) notified the Board of his resignation from all positions with the Company, effective as of June 1, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

William C. Cobb was appointed as Chief Executive Officer at Frontdoor, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On May 19, 2022, the Board elected its Chairman, William C. Cobb (65), as Chief Executive Officer, effective as of the Effective Date.

View on SEC.gov

Frontdoor, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-155656

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