ATLANTA, July 21, 2016 /PRNewswire/ -- PulteGroup,
Inc. (NYSE: PHM), one of America's largest homebuilding companies,
today announced that it has appointed three new independent
Directors to its Board: John R.
Peshkin, an experienced real estate investor and
homebuilding operator; Scott F.
Powers, an accomplished financial services executive; and
Joshua Gotbaum, an executive with
broad financial, policy, and leadership skills. These appointments
are effective immediately and expand PulteGroup's Board of
Directors to 13 members, 12 of whom are independent.
"We are delighted to welcome three distinguished individuals
with relevant expertise to our Board as we move forward with the
next phase of our Value Creation strategy," said Richard J. Dugas, Jr., Chairman and Chief
Executive Officer of PulteGroup. "John has spent his career in the
real estate and home building industries as a successful senior
executive, as an investor, and as a board member at two of the
nation's top builders. Scott brings us additional skills honed
through a career of managing through financial industry change. And
Josh's service in both the public and private sectors across a
range of industries gives him a broad perspective on corporate
finance and public policy."
"PulteGroup's Board of Directors is dedicated to delivering
superior returns to shareholders as we continue to oversee the
Company's transformation into an enterprise built to perform and
succeed through the housing cycle," said James Postl, lead independent Director of
PulteGroup's Board of Directors. "We have a terrific foundation in
place based on the successful work executed over the past five
years under the leadership of Richard J.
Dugas, Jr., and our goal will be to build on that
record."
PulteGroup announced that, in addition to being appointed to its
Board, Messrs. Peshkin and Gotbaum will join the Company's
previously established CEO search committee. "We welcome the input
of these two experienced finance and homebuilding executives into
our CEO search process," stated Patrick J.
O'Leary, PulteGroup director and search committee leader.
"Our committee is making good progress and we look forward to their
perspectives as we work to complete our evaluation of internal and
external candidates."
Dave Miller, Senior Portfolio
Manager at Elliott Management, commented, "We are excited about the
skills and perspectives that the new directors bring to the
Board. We think they will add meaningfully to PulteGroup as
it transitions to its next phase of Value Creation."
About John R. Peshkin
John R. Peshkin is Founder and Managing Partner
at Vanguard Land, LLC, a private real estate investment group
focused on the acquisition and development of residential and
commercial properties throughout Florida. He was previously the founder and
Chief Executive Officer of Starwood Land Ventures, an affiliate of
Starwood Capital Group Global, a real estate private equity firm.
Mr. Peshkin spent 24 years with Taylor
Woodrow plc, serving as its North American CEO and President
from 2000 to 2006. Under his leadership, Taylor Woodrow expanded into a more than
$2 billion enterprise and was
recognized as the inaugural homebuilder inducted into Builder
Magazine's "Hall of Fame," cited for architectural excellence
throughout North America.
Mr. Peshkin has served on the Boards of Directors of Standard
Pacific, WCI Communities Inc., and Monarch Development Corporation.
He received a B.S. in Finance from Lehigh
University and is a licensed contractor and real estate
broker in Florida.
About Scott F. Powers
Scott F. Powers is a financial services
executive with deep experience in asset management. He held
leadership positions at State Street Corporation from 2008 to 2015,
most recently as Executive Vice President of State Street Corp. and
President and Chief Executive Officer of State Street Global
Advisors. In these roles, and as a member of the State Street
Management Committee, he executed growth strategies, managed
operations for all aspects of the business, and led efforts in risk
and crisis management.
He previously served as President and Chief Executive Officer of
Old Mutual USA and Old Mutual
Asset Management from 2001 to 2008. He also held executive roles at
Mellon Financial Corporation and Boston Company Asset
Management.
Mr. Powers is a member of the Board of Directors of Sun Life
Financial, Inc., where he serves on the Governance, Nomination
& Investment Committee and the Management Resources Committee.
He holds a B.A. in Economics from Harvard
College.
About Joshua Gotbaum
Hon. Joshua Gotbaum has extensive experience in
business and finance as well as in public service. Currently a
Guest Scholar in the Economic Studies Program at the Brookings
Institution, Mr. Gotbaum directed the U.S. Pension Benefit Guaranty
Corporation from 2010 to 2014 and was Operating Partner at Blue
Wolf Capital Management from 2006 to 2010. He led and managed
Hawaiian Airlines as the Chapter 11 Trustee from 2003 to 2005.
From 2001 to 2002, Mr. Gotbaum was CEO of The September 11th Fund, a major
charity.
Earlier in his career Mr. Gotbaum was an investment banker at
Lazard, specializing in mergers, acquisitions, and restructurings
in North America and Europe. He also held various senior level
positions in the U.S. government, including as Executive Associate
Director and Controller at the President's Office of Management and
Budget, as Assistant Secretary of Treasury for Economic Policy at
the Department of Treasury, and as Assistant Secretary for Economic
Security in the Department of Defense. He has also held positions
at the White House and the Department of Energy.
Mr. Gotbaum previously served as a director of TD Bank and
Safety-Kleen Systems, Inc., in
addition to serving on the boards of several non-profit
institutions. He holds a J.D. from Harvard Law School, a M.P.P. from the Harvard
Kennedy School of Government, and a B.A. from Stanford University.
Forward-Looking Statements
This press release
includes "forward-looking statements." These statements are
subject to a number of risks, uncertainties and other factors that
could cause our actual results, performance, prospects or
opportunities, as well as those of the markets we serve or intend
to serve, to differ materially from those expressed in, or implied
by, these statements. You can identify these statements by
the fact that they do not relate to matters of a strictly factual
or historical nature and generally discuss or relate to forecasts,
estimates or other expectations regarding future events.
Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "project," "may," "can," "could," "might," "will" and
similar expressions identify forward-looking statements, including
statements related to expected operating and performing results,
planned transactions, planned objectives of management, future
developments or conditions in the industries in which we
participate and other trends, developments and uncertainties that
may affect our business in the future.
Such risks, uncertainties and other factors include, among other
things: interest rate changes and the availability of mortgage
financing; continued volatility in the debt and equity markets;
competition within the industries in which PulteGroup operates; the
availability and cost of land and other raw materials used by
PulteGroup in its homebuilding operations; the impact of any
changes to our strategy in responding to the cyclical nature of the
industry, including any changes regarding our land positions and
the rate of growth in land spend; the availability and cost of
insurance covering risks associated with PulteGroup's businesses;
shortages and the cost of labor; weather related slowdowns; slow
growth initiatives and/or local building moratoria; governmental
regulation directed at or affecting the housing market, the
homebuilding industry or construction activities; uncertainty in
the mortgage lending industry, including revisions to underwriting
standards and repurchase requirements associated with the sale of
mortgage loans; the interpretation of or changes to tax, labor and
environmental laws; economic changes nationally or in PulteGroup's
local markets, including inflation, deflation, changes in consumer
confidence and preferences and the state of the market for homes in
general; legal or regulatory proceedings or claims; our ability to
generate sufficient cash flow in order to successfully implement
our capital allocation priorities; required accounting changes;
terrorist acts and other acts of war; and other factors of
national, regional and global scale, including those of a
political, economic, business and competitive nature. See
PulteGroup's Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, and other public
filings with the Securities and Exchange Commission (the "SEC") for
a further discussion of these and other risks and uncertainties
applicable to our businesses. PulteGroup undertakes no duty
to update any forward-looking statement, whether as a result of new
information, future events or changes in PulteGroup's
expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM),
based in Atlanta, Georgia, is one
of America's largest homebuilding companies with operations in
approximately 50 markets throughout the country. Through its brand
portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes and John Wieland Homes and Neighborhoods, the
Company is one of the industry's most versatile homebuilders able
to meet the needs of multiple buyer groups and respond to changing
consumer demand. PulteGroup conducts extensive research to provide
homebuyers with innovative solutions and consumer inspired homes
and communities to make lives better.
For more information about PulteGroup, Inc. and PulteGroup
brands, go to: pultegroupinc.com; www.pulte.com; www.centex.com;
www.delwebb.com; www.divosta.com and www.jwhomes.com.
Investor Contact:
Jim Zeumer
404-978-6434
jim.zeumer@pultegroup.com
Media Contact:
Dawn Dover
212-521-4817
dawn.dover@kekst.com
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SOURCE PulteGroup, Inc.