Kathryn Collins
FrontdoorAbout Kathryn Collins
Kathryn M. Collins, age 61, is Senior Vice President and Chief Revenue Officer (CRO) at Frontdoor (FTDR) since January 2024, after joining in June 2022 as SVP & Chief Marketing Officer and serving as Chief Brand Officer from June–December 2023. She holds a B.S. in Business and Marketing from Kansas State University and an MBA from Arizona State University . Frontdoor’s 2024 annual incentive plan (AIP) outcomes show revenue at 100% of target and Adjusted EBITDA at 123.6% (maxed at 200% factor), producing a 135% company AIP payout—reflecting strong operational performance in her tenure as CRO . More recently, Q3 2025 results showed revenue +14% YoY and Adjusted EBITDA +18% YoY, with updated FY25 guidance raised—supporting momentum in the commercial engine Collins oversees .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Frontdoor, Inc. | SVP & Chief Revenue Officer | Jan 2024–Present | Revenue leadership across brands |
| Frontdoor, Inc. | Chief Brand Officer | Jun 2023–Dec 2023 | Brand leadership |
| Frontdoor, Inc. | SVP & Chief Marketing Officer | Jun 2022–Jun 2023 | Marketing leadership |
| Government Employees Health Association (GEHA) | Chief Sales & Marketing Officer | Mar 2021–Jun 2022 | Sales and marketing leadership |
| Massage Envy | Chief Brand & Innovation Officer; Chief Marketing Officer | Jul 2018–Jul 2020; Jul 2018–Dec 2019 | Brand, innovation and marketing leadership |
| H&R Block | Chief Marketing & Strategy Officer; VP Marketing (various roles) | Jan 2006–Jan 2018 | Marketing and strategy leadership |
| Lee Jeans | Leadership roles | Jan 1992–Dec 2005 | Brand/marketing leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Enterprise, Inc. | Director; Chair, Nominating & Corporate Governance Committee | Current | Mutual insurance holding company |
Fixed Compensation
| Component | 2024 | 2025 (Changes) |
|---|---|---|
| Base Salary | $500,000 as of Dec 31, 2024 | +$30,000 increase effective April 2025 (new base salary $530,000 derived from $500,000 + $30,000) |
| AIP Target (% of eligible earnings) | 70% | 75% for 2025 |
Performance Compensation
Annual Incentive Plan (AIP) Design and Outcomes (FY2024)
| Metric | Threshold | Target | Maximum | Weight | 2024 Results | Result vs. Target | Achievement Factor | Weighted Factor |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.780B | $1.843B | $1.907B | 35% | $1.843B | 100.0% | 100.0% | 35.0% |
| Adjusted EBITDA | $330M | $359M | $415M | 35% | $443M | 123.6% | 200.0% | 70.0% |
| Strategic Objectives (AHS relaunch, monetization, data/platform) | — | — | — | 30% | Achieved | 100.0% | 100.0% | 30.0% |
| Company AIP Payout Factor | 135.0% |
| Executive | 2024 AIP Eligible Compensation | AIP Target | AIP Payout Factor | 2024 AIP Bonus Payout |
|---|---|---|---|---|
| Kathryn M. Collins | $500,000 | 70% | 94.50% | $472,500 |
Notes:
- 2024 targets were set in Feb 2024; no change to Collins’ 2024 AIP target (70%). For 2025, Collins’ AIP target increased to 75% .
Long-Term Incentive (LTI) Awards
2024 LTI Grants (Grant Date: March 25, 2024)
| Award Type | Target Shares/Units | Grant Date Fair Value |
|---|---|---|
| PSUs (50% of LTI) | 18,779 | $599,989 |
| RSUs (50% of LTI) | 18,799 | $599,989 |
| Total 2024 LTI | — | $1,199,978 |
- 2024 PSU metrics: 3-year performance (FY2024–FY2026), 50% on cumulative revenue and 50% on cumulative Adjusted EBITDA; payout range 0–200% of target .
2023 Performance Stock Options (PSOs) – Price-Based Vesting
| VWAP Price Goal | Certification Date | Collins PSOs Vested | Exercise Price | Expiration |
|---|---|---|---|---|
| $32.23 | Apr 25, 2024 | 10,129 | $26.42 | Mar 27, 2033 |
| $35.14 | Apr 25, 2024 | 15,655 | $26.42 | Mar 27, 2033 |
| $38.31 | Aug 9, 2024 | 22,299 | $26.42 | Mar 27, 2033 |
| Total PSOs | — | 48,083 | $26.42 | Mar 27, 2033 |
- PSOs vested upon meeting VWAP price targets over any 20 consecutive trading days and a 1-year service condition satisfied on March 27, 2024 .
- General time-vesting options vest 25% after 1 year, then 6.25% quarterly over 3 years (4-year vesting total) .
Planned 2025 LTI Grants (approved for March 2025)
| Award Mix | 2025 LTI Grant Value | PSU Metrics |
|---|---|---|
| 50% PSUs / 50% RSUs | $1,500,000 | 3-year financial goals: 50% revenue, 50% Adjusted EBITDA; payout 0–200% |
Realizations (FY2024)
| Transaction (FY2024) | Shares | Value Realized |
|---|---|---|
| Options Exercised | 25,784 | $815,702 (intrinsic value: market $58.056 less $26.42 strike) |
| Stock Awards Vested (RSUs/PSUs) | 11,735 | $392,175 |
Equity Ownership & Alignment
Beneficial Ownership (as of March 1, 2025)
| Holder | Beneficially Owned Shares | % of Outstanding | Within 60 Days (Options/RSUs/PSUs) | Pledged |
|---|---|---|---|---|
| Kathryn M. Collins | 44,296 | <1% | 34,867 | None pledged |
- Company policy prohibits short sales, hedging, margin trading, and pledging by directors, officers and employees .
- Stock ownership guidelines: CEO 6x salary; Other NEOs 3x salary; retain 100% of acquired shares until compliant; no specific time horizon to achieve .
Outstanding Unvested/Outstanding Awards (Dec 31, 2024)
| Grant | Type | Units/Shares | Valuation Basis | Value |
|---|---|---|---|---|
| 3/25/2024 | PSUs (unvested, at target) | 18,779 | Market $54.67 | $1,026,648 |
| 3/25/2024 | RSUs (unvested) | 2,347 | Market $54.67 | $128,331 |
| 3/27/2023 | PSOs (options) | 22,299 | $26.42 strike; exp. 3/27/2033 | — |
| 3/27/2023 | PSUs (unvested, at target) | 12,616 | Market $54.67 | $689,717 |
| 6/9/2022 | PSUs/RSUs (unvested) | 5,427 | Market $54.67 | $296,694 |
Note: Unvested award values are presented using $54.67 (Dec 31, 2024 close) per proxy convention .
Employment Terms
Executive Severance/CIC Economics (Assuming termination as of Dec 31, 2024)
| Scenario | Severance Payments | Prorated Bonus | COBRA | Equity Acceleration | Total |
|---|---|---|---|---|---|
| Termination by Company w/o Cause or by Executive for Good Reason | $935,000 | $350,000 | $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 | $385,000 | $30,436 | $2,386,382 | $4,286,818 |
| Death or Disability | — | — | — | $2,125,412 | $2,125,412 |
Additional terms and practices:
- Double-trigger vesting for equity awards; mandatory executive clawback policy; no tax gross-ups except for executive relocation; no hedging/pledging/short sales .
Performance & Track Record Highlights
- 2024 AIP performance outcomes: Revenue achieved target; Adjusted EBITDA exceeded target (123.6% of target; capped at 200% factor), delivering a 135% company AIP payout—indicative of strong execution against financial and strategic goals in her first year as CRO .
- Q3 2025 company performance: Revenue +14% YoY to $618M; Adjusted EBITDA +18% YoY to $195M; FY2025 revenue and Adjusted EBITDA guidance raised—supporting continued growth under current commercial leadership .
Compensation Structure Analysis
- Pay mix continues to emphasize at-risk compensation: 2024 LTI split 50% PSUs and 50% RSUs with 3-year financial goals; Collins’ 2025 AIP target increases to 75% and 2025 LTI set at $1.5M—maintaining strong performance orientation .
- Price-based PSOs from 2023 fully certified across three VWAP hurdles (total 48,083 options at $26.42 strike), creating meaningful equity leverage; time-based service condition met March 27, 2024 .
- 2024 realizations include option exercises (25,784; $815,702 intrinsic value) and vested stock awards (11,735; $392,175), indicating material equity monetization in the period .
- Governance safeguards: double-trigger CIC vesting; clawback policy; prohibitions on hedging/pledging; no perquisite tax gross-ups (except relocation) .
Equity Ownership & Alignment
- Beneficial ownership: 44,296 shares (<1%); none pledged. Counting within-60-day awards: 34,867 (options/RSUs/PSUs) are included under SEC beneficial ownership rules; company states no pledging by officers/directors as of Mar 1, 2025 .
- Ownership guidelines: 3x salary for NEOs, with 100% share retention until compliant, but no stated compliance deadline; company prohibits short sales, hedging, margin trading, and pledging .
Employment Terms (Key Clauses)
- Severance: For termination w/o cause or for good reason—salary continuation plus target bonus lump sum equivalents (see amounts above); COBRA benefits for 12 months .
- Change in Control: Double-trigger cash severance and equity acceleration if terminated in connection with a CIC; if no alternative award at CIC, certain PSUs vest at target .
- Consultant/Non-compete specifics not disclosed in the cited sections.
Investment Implications
- Alignment and upside: Significant at-risk pay (higher 2025 AIP target and 50% PSU LTI mix) tied to multi-year revenue and Adjusted EBITDA supports pay-for-performance and long-term value creation; PSO leverage at a $26.42 strike aligns executive upside with shareholders .
- Potential selling pressure: 2023 PSOs vested across three price hurdles in 2024 (48,083 options) and 25,784 options were exercised in 2024; while exercises do not necessarily imply sales, in-the-money options and ongoing vesting can create episodic liquidity events .
- Retention and CIC economics: Double-trigger structure and ~2.9x combined cash elements (severance plus prorated bonus) with meaningful equity acceleration under CIC-related termination provide retention but also defined exit economics; COBRA and no single-trigger cash help mitigate windfalls .
- Governance quality: Clawback policy, ownership guidelines (3x salary), and prohibitions on hedging/pledging reduce misalignment risk; no tax gross-ups (except relocation) signals shareholder-friendly posture .