Cavco Industries Names Allison K. Aden as Chief Financial Officer
August 09 2021 - 8:00AM
Cavco Industries, Inc. (Nasdaq: CVCO) (“Cavco” or the “Company”)
today announced that the Company has named Allison K. Aden as
Executive Vice President and Chief Financial Officer, effective
August 30, 2021.
In her new role, Ms. Aden will lead Cavco’s
financial reporting, accounting, tax, treasury, information
technology and finance-related operations. She will also serve as a
member of the Company's Executive Leadership Team and will report
to Bill Boor, President and Chief Executive Officer.
“We are extremely pleased to welcome Allison to
Cavco’s leadership team,” said Mr. Boor. “With a proven record of
achievement in rigorous and fast-paced environments in both public
and private equity-owned multinational companies, she has
demonstrated success as a collaborative business partner, problem
solver and results-driven leader.”
“I look forward to working closely with Bill,
the leadership team and the Board of Directors to build on Cavco’s
growth and success,” added Ms. Aden. “I relish the opportunity to
draw upon my experience to provide strategic financial leadership
and insights to the Company.”
Allison K. Aden's Background
Ms. Aden brings significant financial, business and operational
experience to Cavco. From July 2018 to August 2021, she served as
Executive Vice President, Chief Financial Officer of Diversified
Technologies, an industry-leading technology solutions provider
delivering innovative digital media, collaborative, broadcasting,
electronic security and integrated IT solutions. Prior to joining
Diversified Technologies, Ms. Aden served from 2015 to 2018 as
Executive Vice President, Chief Financial Officer of
Schweitzer-Mauduit International (NYSE: SWM), a leading global
provider of highly engineered solutions and advanced materials for
a variety of industries. Other experience includes financial
management positions with Americold Logistics, Recall Corporation,
LNR Property Corporation, PRG-Schultz International,
Hewlett-Packard and McKesson Corporation.
Ms. Aden earned her bachelor’s degree in Finance
from the University of Missouri – Columbia and obtained a Master of
Business Administration degree from the University of Missouri –
St. Louis. She is a Certified Public Accountant and a Chartered
Global Management Accountant. Ms. Aden is a member of the American
Institute of Certified Public Accountants and The Georgia Society
of CPAs.
About Cavco Industries,
Inc.Cavco Industries, Inc., headquartered in Phoenix,
Arizona, designs and produces factory-built housing products
primarily distributed through a network of independent and
Company-owned retailers. We are one of the largest producers of
manufactured homes in the United States, based on reported
wholesale shipments and marketed under a variety of brand names
including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship,
Chariot Eagle and Destiny. We are also a leading producer of park
model RVs, vacation cabins and systems-built commercial structures,
as well as modular homes. Cavco's finance subsidiary, CountryPlace
Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer
and a Ginnie Mae mortgage-backed securities issuer that offers
conforming mortgages, non-conforming mortgages and home-only loans
to purchasers of factory-built homes. Our insurance subsidiary,
Standard Casualty, provides property and casualty insurance to
owners of manufactured homes. Additional information about Cavco
can be found at https://www.cavco.com.
Forward-Looking Statements
Certain statements contained in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995. In general, all
statements that are not historical in nature are forward-looking.
Forward-looking statements are typically included, for example, in
discussions regarding the manufactured housing industry; our
financial performance and operating results; and the expected
effect of certain risks and uncertainties on our business,
financial condition and results of operations. All forward-looking
statements are subject to risks and uncertainties, many of which
are beyond our control. As a result, our actual results or
performance may differ materially from anticipated results or
performance. Factors that could cause such differences to occur
include, but are not limited to: the impact of local or national
emergencies including the COVID-19 pandemic, including such impacts
from state and federal regulatory action that restricts our ability
to operate our business in the ordinary course and impacts on (i)
customer demand and the availability of financing for our products,
(ii) our supply chain and the availability of raw materials for the
manufacture of our products, (iii) the availability of labor and
the health and safety of our workforce and (iv) our liquidity and
access to the capital markets; labor shortages and the pricing and
availability of raw materials; our ability to successfully
integrate past acquisitions or future acquisitions and the ability
to attain the anticipated benefits of such acquisitions;
involvement in vertically integrated lines of business, including
manufactured housing consumer finance, commercial finance and
insurance; information technology failures or cyber incidents; our
participation in certain financing programs for the purchase of our
products by industry distributors and consumers, which may expose
us to additional risk of credit loss; significant warranty and
construction defect claims; our contingent repurchase obligations
related to wholesale financing; a write-off of all or part of our
goodwill; our ability to maintain relationships with independent
distributors; our business and operations being concentrated in
certain geographic regions; governmental and regulatory disruption,
including prolonged delays by Congress and the President to approve
budgets or continuing appropriations resolutions to facilitate the
operation of the federal government; curtailment of available
financing from home-only lenders; availability of wholesale
financing and limited floor plan lenders; market forces and housing
demand fluctuations; the cyclical and seasonal nature of our
business; competition; general deterioration in economic conditions
and turmoil in the financial markets; unfavorable zoning
ordinances; extensive regulation affecting the production and sale
of manufactured housing; potential financial impact on the Company
from the subpoenas we received from the SEC and its ongoing
investigation, including the risk of potential litigation or
regulatory action, and costs and expenses arising from the SEC
subpoenas and investigation and the events described in or covered
by the SEC subpoenas and investigation, which include the Company's
indemnification obligations and insurance costs regarding such
matters, and potential reputational damage that the Company may
suffer; losses not covered by our director and officer insurance,
which may be large, adversely impacting financial performance; loss
of any of our executive officers; liquidity and ability to raise
capital may be limited; organizational document provisions delaying
or making a change in control more difficult; and volatility of
stock price; together with all of the other risks described in our
filings with the SEC. Readers are specifically referred to the Risk
Factors described in Item 1A of the Company’s Annual Report on Form
10-K for the year ended April 3, 2021 as may be amended from time
to time, which identify important risks that could cause actual
results to differ from those contained in the forward-looking
statements. Cavco expressly disclaims any obligation to update any
forward-looking statements contained in this release, whether as a
result of new information, future events or otherwise. Investors
should not place undue reliance on any such forward-looking
statements.
For additional information,
contact:
Wallace CampbellDirector,
Communicationswallace.campbell@cavco.com
Phone: 602-283-9027On
the Internet: www.cavco.com
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/20e31d93-e80b-4b4c-9cd4-9ab233407c27
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