Frontdoor, Inc. Files Definitive Proxy Statement (DEF 14A)

Ticker: FTDR · Form: DEF 14A · Filed: Mar 29, 2024 · CIK: 1727263

Frontdoor, Inc. DEF 14A Filing Summary
FieldDetail
CompanyFrontdoor, Inc. (FTDR)
Form TypeDEF 14A
Filed DateMar 29, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.78 billion, $171 million, $2.12, $346 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Frontdoor, Executive Compensation, Shareholder Meeting

TL;DR

<b>Frontdoor, Inc. has filed its Definitive Proxy Statement (DEF 14A) for the period ending May 14, 2024, detailing executive compensation and corporate governance.</b>

AI Summary

Frontdoor, Inc. (FTDR) filed a Proxy Statement (DEF 14A) with the SEC on March 29, 2024. Frontdoor, Inc. filed a Definitive Proxy Statement (DEF 14A) on March 29, 2024. The filing covers the period ending May 14, 2024. The company's principal executive offices are located at 3400 Players Club Parkway, Ste. 300, Memphis, TN 38125. Frontdoor, Inc. was formerly known as AHS Holding Company, Inc. before a name change on July 31, 2018. The filing includes compensation details for executive members such as Mr. Cobb and Mr. Tibbens for fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking Frontdoor, Inc., this filing contains several important signals. This DEF 14A filing is crucial for shareholders as it outlines proposals to be voted on at the annual meeting, including the election of directors and executive compensation plans. Understanding the executive compensation details and any changes in corporate governance provided in this filing is essential for investors to make informed voting decisions and assess management's alignment with shareholder interests.

Risk Assessment

Risk Level: low — Frontdoor, Inc. shows low risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not contain immediate financial performance data or significant operational changes.

Analyst Insight

Shareholders should review the proxy statement to understand director nominations, executive compensation, and any other proposals requiring a vote at the upcoming annual meeting.

Executive Compensation

NameTitleTotal Compensation
Mr. CobbMember
Mr. TibbensMember

Key Numbers

  • 2024-03-29 — Filing Date (Date the DEF 14A was filed)
  • 2024-05-14 — Reporting Period End Date (Conformed period of report)
  • 2023-12-31 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

  • Frontdoor, Inc. (company) — Filer name
  • DEF 14A (filing) — Form type
  • 3400 Players Club Parkway, Ste. 300, Memphis, TN 38125 (address) — Business address
  • AHS Holding Company, Inc. (company) — Former company name
  • Mr. Cobb (person) — Executive member
  • Mr. Tibbens (person) — Executive member

FAQ

When did Frontdoor, Inc. file this DEF 14A?

Frontdoor, Inc. filed this Proxy Statement (DEF 14A) with the SEC on March 29, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Frontdoor, Inc. (FTDR).

Where can I read the original DEF 14A filing from Frontdoor, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Frontdoor, Inc..

What are the key takeaways from Frontdoor, Inc.'s DEF 14A?

Frontdoor, Inc. filed this DEF 14A on March 29, 2024. Key takeaways: Frontdoor, Inc. filed a Definitive Proxy Statement (DEF 14A) on March 29, 2024.. The filing covers the period ending May 14, 2024.. The company's principal executive offices are located at 3400 Players Club Parkway, Ste. 300, Memphis, TN 38125..

Is Frontdoor, Inc. a risky investment based on this filing?

Based on this DEF 14A, Frontdoor, Inc. presents a relatively low-risk profile. The filing is a routine DEF 14A, which is standard for public companies and does not contain immediate financial performance data or significant operational changes.

What should investors do after reading Frontdoor, Inc.'s DEF 14A?

Shareholders should review the proxy statement to understand director nominations, executive compensation, and any other proposals requiring a vote at the upcoming annual meeting. The overall sentiment from this filing is neutral.

How does Frontdoor, Inc. compare to its industry peers?

Frontdoor, Inc. operates in the services-to dwellings and other buildings sector, providing home service plans.

Are there regulatory concerns for Frontdoor, Inc.?

As a publicly traded company, Frontdoor, Inc. is subject to SEC regulations requiring the filing of proxy statements for shareholder meetings.

Industry Context

Frontdoor, Inc. operates in the services-to dwellings and other buildings sector, providing home service plans.

Regulatory Implications

As a publicly traded company, Frontdoor, Inc. is subject to SEC regulations requiring the filing of proxy statements for shareholder meetings.

What Investors Should Do

  1. Review the proxy statement for details on director nominees and their qualifications.
  2. Analyze the executive compensation disclosures, including base salary, bonuses, and equity awards.
  3. Understand the proposals being presented for shareholder vote and cast your vote accordingly.

Key Dates

  • 2024-03-29: Filing of DEF 14A — Indicates the company is preparing for its annual shareholder meeting and providing necessary disclosures.
  • 2024-05-14: Reporting Period End — Defines the scope of information covered by this proxy statement.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure document for annual shareholder meetings and does not represent a change from previous filings of the same type.

Filing Stats: 4,470 words · 18 min read · ~15 pages · Grade level 12.3 · Accepted 2024-03-29 16:02:43

Key Financial Figures

  • $1.78 billion — venue increased 7% versus prior year to $1.78 billion; Gross Profit Margin increased 700 ba
  • $171 million — year to 50%; Net Income increased to $171 million; Diluted earnings per share increased
  • $2.12 — Diluted earnings per share increased to $2.12; Adjusted EBITDA (1) increased 62% ve
  • $346 million — (1) increased 62% versus prior year to $346 million; Customer retention rate improved 500

Filing Documents

Executive Compensation Highlights

Executive Compensation Highlights 7 Proposal 1 Election of Directors 9 Directors of the Company 10 Knowledge, Skills and Experience of Directors 15 Skills Matrix 15 Director Compensation 16 Compensation and Stock Paid to Directors 16 Corporate Governance 18 What We Do and Don't Do Within Our Governance Program 18 Composition of the Board of Directors 19 Diversity of Our Board of Directors 20 Director Independence 21 Committees of the Board of Directors 21 Corporate Governance Practices and Policies 23 Proposal 2 Ratification of the Selection of Independent Registered Public Accounting Firm 30 Independent Auditor Fees and Services 31 Audit Committee Report 32 Proposal 3 Advisory Vote to Approve Named Executive Officer Compensation 33 Proposal 4 Advisory Vote On the Frequency of Future Advisory Votes to Approve Named Executive Officer Compensation 34 Executive Officers of the Company 35 Compensation Committee Report 37 Compensation Discussion and Analysis 38 Executive Summary 38 Objectives of Our Executive Compensation Program 39 Elements of Executive Compensation, Including for NEOs 40 Determination of Executive Compensation 41 Components of 2023 Compensation 43 Determinations of Prior Performance-Based Compensation Awards 46 Fiscal 2024 Executive Compensation 47 Additional Information about Our Compensation Practices 47 Clawback Policies 48 Stock Ownership Guidelines 49 Prohibitions on Short Sales, Hedges and Pledges 49

Executive Compensation Tables

Executive Compensation Tables 50 Summary Compensation Table 50 Grants of Plan-Based Awards for Fiscal 2023 51 Outstanding Equity Awards at Fiscal 2023 Year-End 53 Option Exercises and Stock Vested For Fiscal 2023 55 Pension Benefits 55 Nonqualified Deferred Compensation for Fiscal 2023 55 Potential Payments Upon Termination or Change in Control 55 Pay Ratio Disclosure 61 Pay Versus Performance 62 Securities Authorized for Issuance Under Equity Compensation Plans 67

Security Ownership of Certain Beneficial

Security Ownership of Certain Beneficial 68 Procedures for Approval of Related Person Transactions 69 Delinquent Section 16(a) Reports 70 Additional Information 71 Information about the 2024 Annual Meeting of Stockholders and Voting 71 Other Business 76 Procedures for Submitting Stockholder Proposals 76 Stockholders of Record with Multiple Accounts 77 Annual Report and Other Corporate Documents 77 frontdoor 2024 Proxy Statement 3 Back to Contents Basis Of Presentation In this Proxy Statement, unless the context indicates otherwise, references to "we," "us," "our," "Frontdoor" and the "Company" refer to Frontdoor, Inc., a Delaware corporation, and its consolidated subsidiaries. We hold various service marks, trademarks and trade names such as Frontdoor , American Home Shield , HSA, OneGuard , Landmark Home Warranty , Streem and the Frontdoor logo. Solely for convenience, the service marks, trademarks and trade names referred to in this Proxy Statement are presented without the SM, TM and symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these service marks, trademarks and trade names. All service marks, trademarks and trade names appearing in this Proxy Statement are the property of their respective owners. frontdoor 2024 Proxy Statement 4 Back to Contents Proxy Highlights and Summary Following is a summary of certain information presented in this Proxy Statement. This summary does not contain all of the information that you should consider. We encourage you to read the entire proxy statement for more information about these topics prior to voting. 2024 Annual Meeting of Stockholders When Time and Date: 10:00 a.m. Central Daylight Time, May 14, 2024 Location Virtual Meeting Address: www.virtualshareholdermeeting.com/FTDR2024 Record Dat

Executive Compensation Highlights

Executive Compensation Highlights Key Compensation Actions for Fiscal 2023 Our Compensation Committee took the following actions with respect to our fiscal 2023 executive compensation program: Adopted an executive clawback policy requiring recoupment of certain excess incentive compensation from executives in certain events of a financial restatement; Aligned each executive's annual long term incentive ("LTI") opportunity to Company performance by structuring 50% of awards in the form of performance non-qualified stock options ("PSOs") tied to stock price appreciation and 50% of awards in the form of restricted stock units ("RSUs") for our NEOs; and Determined that the Company performance under the annual incentive plan ("AIP") was 157% in the aggregate in accordance with the weightings applicable to each performance goal. frontdoor 2024 Proxy Statement 7 Back to Contents What We Do and Don't Do Within Our Executive Compensation Program In designing our executive compensation program, our Compensation Committee has incorporated certain practices into the program and omitted certain other practices, as follows. What We Do What We Don't Do Pay for Performance No Excessive Risk-Taking in Our Compensation Programs Competitive Compensation/Peer Group Benchmarking No Hedging, Pledging or Short Sales Annual Compensation Risk Assessment No Backdating or Repricing of Stock Options Mandatory Executive Clawback Policy No Tax Gross-Ups, Except for Executive Relocation Stock Ownership Guidelines and Holdings Requirements Double Trigger Vesting for Equity Awards Provide Limited Perquisites Independent Compensation Consultant Our Compensation Pay Mix A significant portion of the 2023 total direct compensation for our executives consisted of variable, at-risk compensation. Our calculation of the proportion of variable, at-risk total direct compensation includes the 2023 AIP award at target and long-term equity-based incentive award do

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