CoreLogic has appointed Patrick Dodd to be its new president and CEO after serving in the role on an interim basis since January.
Dodd will continue to serve on the company’s board of directors. Prior to assuming the top job in January, Dodd served as the company’s chief operating and growth officer. Dodd replaced Frank Martell, who transitions to non-executive Chairman of the company’s Board of Directors.
Charles Davis, CEO of Stone Point Capital, said, “We are thrilled that Pat is assuming the role of CEO on a permanent basis. Pat has demonstrated his dedication to the company following his role as CoreLogic’s chief operating and growth officer and holds almost three decades of proven leadership and value creation in the information services industry. We look forward to continuing to work with Pat as CoreLogic advances its strategic priorities.”
Throughout his 30-year career, Dodd has held senior executive leadership positions of increasing responsibility at Nielsen and predecessor companies, rising to Global President and Chief Commercial Officer of Nielsen Global Connect division in January 2019.
He also led Nielsen’s Global Markets Group, and prior to that, was responsible for overseeing Nielsen’s business operations in 23 of the world’s fastest-growing markets, serving in a range of roles including as President of Nielsen Europe, China and Canada.
CoreLogic confirmed in April last year that it was being acquired by private equity firms Stone Point Capital and Insight Partners for $80 per share in cash.
The firm first accepted the offer from Stone Point and Insight back in February following a months-long dispute with Senator Investment Group and Cannae Holdings, who attempted to oust CoreLogic’s board after it rejected an offer of $65 per share in July 2020.
The board was seemingly vindicated after agreeing to the much higher bid of $80 per share, but the deal was then thrown into disarrary after CoStar Group submitted an unsolicited acquisition proposal that was seen as potentially valuing the company even higher.
This surprise offer promised CoreLogic shareholders 0.1019 shares of CoStar common stock for each share they owned, rather than a cash buy-out, and was estimated to be worth around $90 per share when the bid was first submitted.
However, CoStar stock proved volatile in the weeks following the proposal, and after several revisions of the CoStar offer, it appears that CoreLogic shareholders have decided to opt for the safer option from Stone Point and Insight.
