Evan Iverson
FrontdoorAbout Evan Iverson
Evan A. Iverson, 48, is Senior Vice President and Chief Operating Officer of Frontdoor, Inc. (FTDR). He joined FTDR in January 2019 and was promoted to COO in August 2024 after serving in operations and contractor engagement leadership roles . Iverson holds a B.S. in Chemical Engineering (Iowa State University), an MBA (University of Virginia Darden), and a JD (University of San Diego) . Under FTDR’s 2024 performance, revenue rose 4% to $1.84B, Adjusted EBITDA grew 28% to $443M, gross margin expanded 410 bps to 54%, and diluted EPS increased 42% to $3.01, supporting a 135% AIP payout determination for the year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Frontdoor, Inc. | Senior Vice President, Chief Operating Officer | Aug 2024–present | Leads company operations; elevated responsibilities following successful contractor engagement leadership |
| Frontdoor, Inc. | SVP, Contractor Engagement | Aug 2023–Dec 2023 | Drove contractor ecosystem engagement and alignment |
| Frontdoor, Inc. | Chief Operations Officer (title transition period) | Jan 2024–Jul 2024 | Transitioned into COO responsibilities ahead of formal promotion |
| Frontdoor, Inc. | Vice President, Operations | Jan 2019–Aug 2023 | Scaled operations post-spin from ServiceMaster; foundational process improvements |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amazon.com, Inc. | Senior Product Manager, Global Fulfillment Services | Dec 2015–Dec 2018 | Led fulfillment product initiatives in e-commerce and logistics |
| McKinsey & Company | Associate Principal | Sep 2009–Dec 2015 | Drove consulting engagements focused on growth and operations |
| Trane | Salesperson | 2001–2007 | Early career commercial/residential HVAC sales experience |
Fixed Compensation
| Component | 2024 Amount/Detail |
|---|---|
| Base salary (as of Dec 31, 2024) | $550,000 |
| AIP target bonus % (blended for promotion) | 67.3% |
| 2024 AIP eligible compensation | $506,250 |
| 2024 AIP payout factor | 90.80% |
| 2024 AIP bonus paid | $459,703 |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Achievement Factor | Weighted Achievement |
|---|---|---|---|---|---|---|---|
| Revenue | 35% | $1.780B | $1.843B | $1.907B | $1.843B | 100.0% | 35.0% |
| Adjusted EBITDA | 35% | $330M | $359M | $415M | $443M | 200.0% | 70.0% |
| Strategic objectives (AHS relaunch, monetization, data architecture) | 30% | Set by committee | Set by committee | 200% cap | 100.0% of target | 100.0% | 30.0% |
| Company AIP Payout Determination | — | — | — | — | — | — | 135.0% overall |
2024 equity grants (March 25, 2024) under the 2018 Plan:
- PSUs: 15,649 at target; grant date fair value $499,986; 50% tied to 3-year cumulative revenue, 50% to 3-year cumulative Adjusted EBITDA .
- RSUs: 15,649; grant date fair value $499,986 .
- Design: PSUs measured over a three-year performance period; RSUs time-vested per plan terms .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | 45,143 |
| % of shares outstanding | ~0.06% (computed using 74,634,580 shares outstanding on Mar 1, 2025 ) |
| Shares counted within 60 days (options exercisable/RSUs/PSUs vesting) | 40,188 |
| Shares pledged | None; company prohibits pledging/hedging/short sales and reported none pledged as of Mar 1, 2025 |
| Stock ownership guidelines | NEOs: 3× annual base salary; retain 100% of acquired shares until compliant; no set time deadline |
Outstanding equity awards at FY2024 year-end (selected items):
- RSUs (unvested): 15,649 (market value $855,531 at $54.67 close) .
- PSUs (target unvested): 1,956 (market value $106,941) .
- Options (exercisable/unexercisable):
- 3/27/2023: 28,850 options @ $26.42, exp. 3/27/2033 .
- 3/28/2022: 9,405 exercisable; 4,275 unexercisable @ $28.82, exp. 3/28/2032 .
- 3/29/2021: 4,170 exercisable; 279 unexercisable @ $54.81, exp. 3/29/2031 .
- 3/30/2020: 8,116 exercisable @ $35.56, exp. 3/30/2030 .
- 3/29/2019: 6,048 exercisable @ $34.48, exp. 3/29/2029 .
Employment Terms
| Scenario | Cash Severance | Prorated Bonus | COBRA | Equity Acceleration | Total |
|---|---|---|---|---|---|
| Termination without Cause/by Executive for Good Reason (no CoC) | $935,000 (12 months salary + target bonus) | $385,000 | $30,436 | — | $1,350,436 |
| Change in Control (no termination) | — | — | — | $855,581 | $855,581 |
| Termination in connection with Change in Control (double trigger) | $1,485,000 (2× salary + target bonus) | $385,000 | $30,436 | $2,386,382 | $4,286,818 |
Additional governance/compensation features:
- Double-trigger vesting for equity awards in CoC scenarios; mandatory executive clawback policy; independent compensation consultant; no tax gross-ups (except relocation), and no option repricing/backdating .
Investment Implications
- Pay-for-performance linkage is strong: 2024 AIP weighted heavily to revenue and Adjusted EBITDA, with company achieving 135% payout on blended metrics; PSUs tie 3-year cumulative revenue and Adjusted EBITDA, reinforcing multi-year performance accountability .
- Retention risk moderated by unvested RSUs/PSUs and double-trigger CoC protections; however, sizeable outstanding options and RSUs imply material unvested value and vesting cadence over time .
- Alignment safeguards: strict ownership guidelines (3× salary), 100% post-vesting share retention until compliant, and prohibitions on hedging/pledging—none of Iverson’s shares are pledged as of March 1, 2025 .
- Execution track record: operational leadership coincided with 2024 improvements in revenue, EBITDA, gross margin, and EPS, and strategic milestones (AHS relaunch, app launch, 2-10 HBW acquisition, new credit facility), suggesting operational rigor under Iverson’s tenure .
- Change-in-control economics: 2× salary + target bonus cash severance with accelerated equity vesting on double-trigger may create meaningful payout leverage; monitor any future structure changes and annual grant sizing for inflation risk .