CoStar Group announced the appointment of John Berisford, Rachel Glaser, and Christine McCarthy as independent directors to its Board of Directors. Concurrently, Michael Klein, Christopher Nassetta, and Laura Kaplan retired from the Board, and Louise Sams was appointed as the independent Board Chair.
The Board, now comprising eight directors with seven independent members, also established a Capital Allocation Committee. This committee, chaired by CoStar Group's Founder and CEO Andy Florance and including new independent directors Berisford and McCarthy, will comprehensively review the company’s capital structure, allocation priorities, and financial targets, including for international expansion and Homes.com profitability.
These governance enhancements were made in connection with support agreements entered into with activist investors D. E. Shaw Group and Third Point. The agreements aim to align management incentives with stockholder value creation and ensure disciplined investment in growth initiatives across CoStar's platforms.
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