FTDR - Frontdoor's new CEO announcement spooks analysts

A change of leadership at a critical juncture has not encouraged analysts covering Frontdoor Inc. (NASDAQ:FTDR).  The company announced on Friday that current chairman William Cobb will succeed Rex Tibbens as CEO, effective June 1, with Tibbens occupying an advisory role for a month following his official departure. While a rationale for the move was not offered, Trust analyst Youssef Squali told clients on Monday that “the decision was his, not the Board's.” Regardless of the decision maker, the surprising news hurts Tibbens' digital turnaround strategy that now finds itself without its captain, according to Squali.  “We view the change in leadership at this crucial time as adding a layer of uncertainty to a bevy of issues the company is already facing including inflationary pressures hurting margins, a weak real-estate segment dampening growth, and supply chain challenges,” he told clients on Monday.  Squali added that while his team remains bullish

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Frontdoor’s new CEO announcement spooks analysts