Enters into Cooperation Agreement with TPG
Angelo Gordon
MADISON,
N.J., Feb. 8, 2024 /PRNewswire/ -- Anywhere
Real Estate Inc. (NYSE: HOUS) ("Anywhere" and the "Company"), a
global leader in residential real estate, today announced the
appointment of Joseph Z. Lenz
to its Board of Directors, effective February 13, 2024. Lenz is currently a Managing
Director and Co-Head of Research of Credit Solutions at Angelo
Gordon & Co., L.P. ("TPG Angelo Gordon"). With this
appointment, the Anywhere Board will expand from 12 to 13
directors, 12 of whom are classified as independent directors for
purposes of the listing standards of the New York Stock
Exchange.
QUOTES:
- "We are pleased to welcome Joe Lenz to the Anywhere Board
of Directors. Anywhere is committed to maintaining a high-caliber
and diverse Board, and we are confident we will benefit from Joe's
notable business experience. We are thankful for the continued
support of TPG Angelo Gordon, and we look forward to working with
Joe upon his joining the Board as we continue to guide and support
the Anywhere leadership team."
– Michael J. Williams, Chairman
of the Board, Anywhere Real Estate Inc.
- "I believe Anywhere is well-positioned to navigate today's
housing market while harnessing the power of its unique advantages
to drive change, unlock new growth, and deliver long-term value. I
look forward to partnering with my new Anywhere Board colleagues
and the management team to help further accelerate the Company's
strategic transformation."
– Joe Lenz, Board Member,
Anywhere Real Estate Inc.
- "As we continue to transform Anywhere, Joe's experience will
complement our highly regarded Board. As a Managing Director of TPG
Angelo Gordon, a top stockholder, he will bring an important
shareholder perspective. I look forward to the insights Joe will
bring as we execute the Anywhere strategy to deliver results and
drive growth."
– Ryan Schneider, Anywhere
President and CEO
LENZ EXPERIENCE:
- Joe Lenz has extensive advisory
and investing experience, including helping guide companies'
investments across capital structure and navigating investor and
legal affairs.
- Lenz joined TPG Angelo Gordon in 2012. TPG Angelo Gordon is a
diversified credit and real estate investing platform of TPG, a
leading global asset manager with over $200
billion of assets under management. Joe serves as a Managing
Director and Co-Head of Research of TPG AG Credit Solutions, an
approximately $13 billion strategy
within TPG Angelo Gordon.
- Lenz has distinguished public company Board experience,
previously serving as a board member and member of the Compensation
Committee of Northern Oil & Gas. He currently serves as a board
member and member of both the Audit and Nominating & Governance
Committees for SECURE Energy.
- Lenz received a Bachelor of Arts degree in Philosophy,
Politics, and Economics with an Economics concentration from the
University of Pennsylvania in 2010.
Lenz began his career in the Financial Sponsors Group at Morgan
Stanley.
As part of Lenz's appointment to the Board of Directors, the
Company entered into a cooperation agreement with TPG Angelo Gordon
and funds managed by that firm (the "Investor Parties"). Pursuant
to the cooperation agreement, the Investor Parties have agreed to
customary standstill, voting, and other provisions. The full
agreement will be filed by the Company with the U.S. Securities and
Exchange Commission as an exhibit to a Current Report on Form
8-K.
About Anywhere Real Estate Inc.
Anywhere Real Estate
Inc. (NYSE: HOUS) is moving the real estate industry to what's
next. A leader of integrated residential real estate services,
Anywhere includes franchise, brokerage, relocation, and title and
settlement businesses, as well as mortgage and title insurance
underwriter minority owned joint ventures, supporting approximately
1.2 million home transactions in 2022. The diverse Anywhere brand
portfolio includes some of the most recognized names in real
estate: Better Homes and Gardens® Real Estate, CENTURY
21®, Coldwell Banker®, Coldwell Banker Commercial®,
Corcoran®, ERA®, and Sotheby's International Realty®. Using
innovative technology, data and marketing products, high-quality
lead generation programs, and best-in-class learning and support
services, Anywhere fuels the productivity of its approximately
190,300 independent sales agents in the U.S. and approximately
140,100 independent sales agents in 117 other countries and
territories, helping them build stronger businesses and best serve
today's consumers. Recognized for twelve consecutive years as one
of the World's Most Ethical Companies, Anywhere has also been
designated a Great Place to Work six years in a row, honored on the
Forbes list of World's Best Employers three years in a row, named
one of America's Most Innovative Companies 2023 by Fortune, and
most recently, featured on the inaugural TIME World's Best
Companies list.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "believes",
"expects", "anticipates", "intends", "projects", "estimates",
"potential" and "plans" and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and
"could" and similar references to future periods. Examples of
forward-looking statements include, among others, statements we
make regarding our antitrust class action litigation and the
proposed settlement, including preliminary and final court approval
of the settlement, the amount and timing of payments pursuant to
the settlement and the impact of such payments on the Company's
results of operations, liquidity and cash flows; changes to the
business practices of and the impact that such changes may have on
the business or results of operations of the Company.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: no assurance of preliminary
or final court approval of the settlement related to our antitrust
class action litigation; industry structure changes that disrupt
the functioning of the residential real estate market; the impact
of evolving competitive and consumer dynamics, including that the
Company's share of the commission income generated by homesale
transactions may continue to shift to affiliated independent sales
agents or otherwise erode due to market factors, our ability to
compete against traditional and non-traditional competitors and
meaningful decreases in the average broker commission rate; adverse
developments or outcomes in current or future litigation, in
particular the incurrence of liabilities that are in excess of
amounts accrued or payments that may be made in connection with
pending litigation; disruption in the residential real estate
brokerage industry related to listing aggregator market power and
concentration; our failure or alleged failure to
comply with laws, regulations and regulatory interpretations and
any changes or stricter interpretations of any of the foregoing;
and such other factors as discussed in the risks set forth under
the headings "Forward-Looking Statements," "Summary of Risk
Factors," "Risk Factors" and "Legal Proceedings" in our filings
with the Securities and Exchange Commission, including our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30,
2023 and September 30, 2023
and our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings made
from time to time, in connection with considering any
forward-looking statements that may be made by us and our
businesses generally.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Investor Contacts:
Alicia Swift
(973) 407-4669
alicia.swift@anywhere.re
Tim Swanson
(973) 407-2612
tim.swanson@anywhere.re
Media Contacts:
Trey Sarten
(973) 407-2162
trey.sarten@anywhere.re
Gabriella Chiera
(973) 407-5236
gabriella.chiera@anywhere.re
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SOURCE Anywhere Real Estate Inc.