American Home Shield parent company Frontdoor, Inc. has completed its spin-off from Servicemaster Global Holdings, Inc., debuting as an independent on the NASDAQ today. In addition to the home warranty provider, Frontdoor is parent to HSA Home Warranty, Landmark and OneGuard.
In anticipation of the spin-off, ServiceMaster brought on Rex Tibbens, announced as American Home Shield CEO and president, this spring. Tibbens was formerly COO of Lyft, where he was involved in its expansion to every state, and a vice president at Amazon, where he was involved in the development of Prime Now, Amazon’s one-hour delivery service.
In July, ServiceMaster announced Brian Turcotte as American Home Shield’s CFO. Turcotte was previously vice president of Investor Relations at ServiceMaster.
In August, Frontdoor (“FTDR”) registered with the U.S. Securities and Exchange Commission. According to a company release, ServiceMaster shareholders received one share of Frontdoor common stock on the distribution date of Oct. 1, 2018, for every two shares of ServiceMaster common stock they held as of the close of business on the record date for the distribution, Sept. 14, 2018. ServiceMaster retained approximately 19.8 percent of Frontdoor’s common stock.
“We have a strong and growing core business that provides valuable coverage and professional, convenient solutions to more than two million homeowners across the U.S. today,” says Tibbens, now CEO/president of Frontdoor. “With our expertise and scale, we are uniquely positioned to continue to grow not only in the home repair market, but to expand into the home maintenance and improvement markets, as well.
“We are obsessed with taking the hassle out of owning a home and transforming the $400 billion U.S. home services market through the use of data and technology, expanding our services and delivering a consistently exceptional customer experience,” Tibbens says. “As an independent company, we will be able to focus our attention and resources to drive our business to reach its fullest potential, and deliver even greater value to our customers, shareholders and employees.”
Since its founding in 1971, American Home Shield has been a leader in the home warranty space. In March 2014, the company acquired HSA Home Warranty; in December 2016, Landmark Home Warranty; and, in June 2016, OneGuard Home Warranties. The additions of Landmark and OneGuard expanded the firm’s reach in the Southwest and West, and, earlier this year, the company opened a customer care center in Phoenix.
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