SEATTLE, June 13, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. ("Porch" or "the Company") (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced changes to existing Independent Board member appointments. The Nomination and Corporate Governance Committee (the "Committee") regularly reviews the composition of each Board Committee, including skills, knowledge, experience, and diversity. With three new members joining the Board in 2022, the Committee rotated committee chair positions, effective June 12, 2023, to bring experience, as well as fresh perspectives to these key governance roles. No Board members are departing or joining the Board at this time. The Board of Directors remains at eight directors, seven of whom are Independent Directors.
Alan Pickerill (previously Chair of the Audit Committee) has been appointed as Lead Independent Director and will step down from the Audit Committee. Mr. Pickerill remains a member of the Nomination and Corporate Governance Committee. Mr. Pickerill has more than 30 years' experience in a variety of finance and accounting roles, including as Chief Financial Officer of publicly traded companies, and has been on the Porch Board for nearly four years, having joined the legacy Porch board in the fall of 2019. Regi Vengalil (previously Lead Independent Director) continues in his role as Chair of the M&A Committee and remains a member of the Nomination and Corporate Governance Committee. Maurice Tulloch (previously Chair of the Compensation Committee and member of the Audit Committee), a certified public accountant and previous Chief Executive Officer for the global insurance company Aviva plc, becomes Chair of the Audit Committee and remains a member of the Compensation Committee. Sean Kell (previously a member of the Compensation Committee) becomes Chair of the Compensation Committee and joins the Audit Committee as a member.
Mr. Tulloch will also serve as Chair of the Special Transactions Committee, responsible for overseeing the approval and launch of the Porch Insurance Reciprocal Exchange, which remains subject to review and approval by the Texas Department of Insurance.
"I would like to thank Regi for his commitment and contribution as Lead Independent Director over the last year. We are pleased he will continue to support us as an Independent Director. We are also pleased Alan will be stepping into the Lead Independent Director position. Alan has already made a great impact on the business, our risk management framework, and governance since he joined us back in 2019 when Porch was a private company, and we are looking forward to working together to deliver key successes in later 2023 and beyond. We believe we have a strong and diverse Board, with deep expertise which has been further utilized by the changes announced today," said Matt Ehrlichman, Chief Executive Officer, Chairman and Founder.
About?Porch?Group
Seattle-based Porch Group, Inc., the vertical software platform for the home, provides software and services to approximately 30,900 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch Group provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch Group, visit porchgroup.com or porch.com.
Investor Relations Contact:
Lois Perkins, Head of Investor Relations
Porch Group, Inc.
Loisperkins@porch.com
