Costar Names Tech Executive Nana Banerjee To Board As Independent Director

CoStar Group has added a new independent director to its board of directors. On Monday, the Andy Florance-helmed firm announced the appointment of Nana Banerjee to the firm’s board of directors. Banerjee’s appointment expands the board to nine members, including eight independent directors. 

“On behalf of the Board, we are pleased to welcome Nana, a highly experienced executive who brings a complementary skillset that aligns with our unique operations and strategy,” Florance, the founder and CEO of CoStar Group, said in a statement. “Nana is a respected industry leader with deep expertise spanning centralized data, AI and advanced analytics organizations. We look forward to benefiting from his distinct perspective as we advance our proven strategy to drive accelerated, profitable growth and long-term stockholder value.”

Banerjee has over two decades of experience leading global technology businesses. He most recently served as the president and CEO of Pelmorex Corp., a global climate data company that is best known for The Weather Channel. He has also served as a senior advisor and senior managing director at Cerberus Capital Management. Earlier in his career, Banerjee held leadership roles at McGraw-Hill, Verisk, Argus Information and Advisory Services, Citibank and Comscore. 

Florance is currently the board’s only non-independent director. This is the second time in the past year that CoStar has changed its board of directors. 

In early April 2025, CoStar added John Berisford, Rachel Glaser and Christine McCarthy to its board of directors, replacing Michael Klein, Christopher Nassetta and Laura Kaplan, who all retired from the Board. In addition, Louise Sams who has served on the CoStar Group board since 2019, was appointed as independent board chair. 

“Nana’s appointment follows a comprehensive search to identify a director who would bring additional C-suite experience in data analytics to the Board as we continue to guide the execution of CoStar Group’s proven value-creation strategy,” Sams said in a statement. “His appointment reflects the Board’s commitment to regularly adding accomplished leaders that enable the Board to evolve with CoStar Group’s business and help us continue to act in the best interests of the Company and stockholders.”

The changes to CoStar’s board in 2025 came following investor pressure from hedge funds D.E. Shaw and Third Point. Earlier this year, both D.E. Shaw and Third Point again voiced their concerns about Homes.com, calling for CoStar to divest or shutdown the U.S. residential listing portal. In letters sent to CoStar’s board earlier this year, the two activist investors called on CoStar to replace the majority of its board with “more qualified directors.” 

CoStar has pushed back against the activist investors’ claims and has remained staunchly against divesting or shutting down Homes.com. The company did not immediately respond to HousingWire’s questions regarding why it decided to add another independent director to its board. 

In 2025, CoStar reported $3.247 billion in revenue, up 19% annually, while net income fell to $7 million from $139 million in 2024. The company’s residential sector, which includes Homes.com showed strong revenue growth in 2025, jumping from $1.22 billion in 2024 to $1.46 billion. Additionally, the residential operation posted an adjusted EBITDA loss of $230 million in 2025, an improvement over the $361 million adjusted EBITDA loss recorded in 2024.

Florance and CoStar have previously announced that they are reducing net investment in Homes.com by $300 million in 2026, as the company aims for run rate profitability in 2029 and full year profitability in 2030.