Key facts
- CoStar Group stockholders approved the reelection of eight directors, including CEO Andy Florance.
- An advisory vote on a redesigned executive compensation plan received 71.38% approval.
- Director candidates received more than 93% of votes cast.
- The company is pursuing a strategy focused on revenue growth and EBITDA margin expansion.
- Activist investors D.E. Shaw and Third Point had previously called for board changes and divestment of Homes.com.
CoStar Group stockholders overwhelmingly approved the reelection of eight directors, including CEO Andy Florance, and a redesigned executive compensation plan at the company's annual meeting. The votes provide leadership with a governance green light as it pursues a strategy focused on revenue growth and EBITDA margin expansion.
Preliminary results showed that each director candidate received more than 93% of the votes cast. The approved executive compensation plan, which includes more rigorous performance goals and greater transparency, garnered 71.38% of the vote.
The shareholder support comes after activist investors D.E. Shaw and Third Point had previously called for a board overhaul and the possible removal of Florance as CEO, and pushed for the divestment or shutdown of CoStar's Homes.com platform. Third Point sold its shares in April, ending its activist campaign.
CoStar reported a 23% year-over-year increase in revenue to $897 million for the first quarter of 2026, with Homes.com revenue growing 58% to $26 million in the same period. The company expects Homes.com to achieve positive adjusted EBITDA by 2030.
