Beazer Homes Names Allan P. Merrill President and CEO and Robert L. Salomon Executive Vice President and CFO
13 6월 2011 - 9:00PM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) a leading
national homebuilder, today announced that Allan Merrill has been
appointed President and CEO and has been elected to the board of
directors. In addition, Robert (Bob) Salomon has been appointed
Executive Vice President and CFO. Mr. Merrill succeeds Ian J.
McCarthy who is leaving the Company and has resigned from the board
of directors.
Mr. Merrill has been the Company’s Chief Financial Officer for
the past four years. Mr. Merrill led the efforts to successfully
recapitalize the Company’s balance sheet which increased equity,
reduced debt and eliminated material debt maturities prior to 2015.
Including his time as the Company’s CFO, Mr. Merrill has more than
twenty years of experience in executive positions directly related
to the homebuilding and residential real estate industries,
including positions in investment banking and Internet real estate
marketing. Prior to joining the Company, Mr. Merrill held both
strategic and operational leadership roles with Move, Inc. Before
that, Mr. Merrill worked for approximately 13 years for Dillon Read
& Co. Inc., and its successors, including UBS, where he managed
the firm’s Housing, Construction and Building Materials group. In
that capacity, Mr. Merrill served as lead adviser to the Company on
its IPO in 1994 and on several major acquisitions.
Mr. Salomon joined Beazer Homes in 2008 as the Company’s Chief
Accounting Officer, responsible for the Company’s internal and
external financial reporting. Mr. Salomon, a Certified Public
Accountant, has more than 25 years of financial management
experience, including over 19 years in the homebuilding industry.
Prior to joining the Company, Mr. Salomon served as Chief Financial
Officer and Treasurer of Ashton Woods Homes for almost 10 years and
served with MDC Holdings, Inc, also a residential homebuilder, in
various accounting and finance roles over a 6 year period.
Brian Beazer, the Company’s Chairman, said, “Over many years Ian
McCarthy has ably guided the Company to its current position as one
of the ten largest homebuilders in the United States. During this
time, the homebuilding industry and the Company have experienced
many complex issues which Ian has dealt with to the benefit of the
Company. The Board appreciates his leadership and many
contributions to the Company. For these efforts we would like to
thank him and wish him all success in the future.”
Brian Beazer continued, “We are pleased that Allan and Bob have
accepted these appointments. Both possess many years of industry
experience and have demonstrated a commitment to the success of our
stakeholders. The Board has asked Mr. Merrill and his team to
conduct a thorough review of the Company’s operations and potential
growth opportunities to identify and implement strategies that will
create value for shareholders.”
Mr. Merrill said, “I am honored to accept this important role
and feel privileged to have the opportunity to lead our strong and
resilient operational and corporate team. While selling conditions
in the new home market are still challenging, our fiscal 2011
expectations remain unchanged. We continue to be committed to
delivering a compelling value proposition for our home buyers and
improved profitability and value for our shareholders.”
Beazer Homes USA Inc., headquartered in Atlanta, Georgia, is
one of the ten largest single-family homebuilders in the United
States. The Company’s industry-leading eSMART high
performance homes are designed to lower the total cost of home
ownership while reducing energy and water consumption. With
award-winning floor-plans, the company offers homes that
incorporate exceptional value and quality to consumers in 16
states, including Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New York, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Beazer Homes is listed on the New York Stock Exchange and trades
under the ticker symbol “BZH.”
Forward Looking Statements
This release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements may relate to, among other things, our
Fiscal 2011 expectations. These statements represent our current
expectations or beliefs concerning future events, and it is
possible that the results described in this press release will not
be achieved. These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of our
control, that could cause actual results to differ materially from
the results discussed in the forward-looking statements, including,
among other things, (i) the final outcome of various putative class
action lawsuits, multi-party suits and similar proceedings as well
as the results of any other litigation or government proceedings
and fulfillment of the obligations in the Deferred Prosecution
Agreement and consent orders with governmental authorities and
other settlement agreements; (ii) additional asset impairment
charges or writedowns; (iii) economic changes nationally or in
local markets, including changes in consumer confidence, declines
in employment levels, volatility of mortgage interest rates and
inflation; (iv) the effect of changes in lending guidelines and
regulations and the uncertain availability of mortgage financing;
(v) a slower economic rebound than anticipated, coupled with
persistently high unemployment and additional foreclosures; (vi)
continued or increased downturn in the homebuilding industry; (vii)
estimates related to homes to be delivered in the future (backlog)
are imprecise as they are subject to various cancellation risks
which cannot be fully controlled, (viii) our cost of and ability to
access capital and otherwise meet our ongoing liquidity needs
including the impact of any downgrades of our credit ratings or
reductions in our tangible net worth or liquidity levels; (ix)
potential inability to comply with covenants in our debt agreements
or satisfy such obligations through repayment or refinancing; (x)
increased competition or delays in reacting to changing consumer
preference in home design; (xi) shortages of or increased prices
for labor, land or raw materials used in housing production; (xii)
factors affecting margins such as decreased land values underlying
lot option agreements, increased land development costs on
communities under development or delays or difficulties in
implementing initiatives to reduce production and overhead cost
structure; (xiii) the performance of our joint ventures and our
joint venture partners; (xiv) the impact of construction defect and
home warranty claims including those related to possible
installation of drywall imported from China; (xv) the cost and
availability of insurance and surety bonds; (xvi) delays in land
development or home construction resulting from adverse weather
conditions; (xvii) potential delays or increased costs in obtaining
necessary permits and possible penalties for failure to comply with
laws, regulations and governmental policies; (xviii) potential
exposure related to additional repurchase claims on mortgages and
loans originated by Beazer Mortgage Corp.; (xix) estimates related
to the potential recoverability of our deferred tax assets; (xx)
effects of changes in accounting policies, standards, guidelines or
principles; or (xxi) terrorist acts, acts of war and other factors
over which the Company has little or no control.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, we do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
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