Bonnie Stone Sellers Appointed to the Board of Directors of Hovnanian Enterprises
June 20 2018 - 4:15PM
Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national
homebuilder, announced today that Bonnie Stone Sellers has been
appointed to its Board of Directors effective immediately. The
addition of Ms. Sellers expands Hovnanian’s Board of Directors to
eight members, six of whom are independent directors. Ms. Sellers,
who brings considerable expertise and over 35 years of global real
estate experience, will also serve on the Board of Director’s Audit
Committee and Corporate Governance and Nominating Committee.
“We are pleased to welcome Bonnie to Hovnanian’s
Board of Directors,” stated Ara K. Hovnanian, Chairman of the
Board, President and Chief Executive Officer. “Her extensive
experience in the global real estate market will provide valuable
insight as we execute our plan to grow our community count,
revenues and ultimately our profitability. We believe that Bonnie’s
broad real estate knowledge and sharp business acumen will further
enhance the oversight and counsel that we receive from our Board of
Directors.”
Ms. Sellers most recently served as Chief
Executive Officer of Christie’s International Real Estate. As CEO
of Christie’s, Ms. Sellers was responsible for all aspects of the
company’s business, including its global sales, marketing strategy,
new development projects and finance groups. Her ability to
recognize lucrative synergies and add key affiliates, in 18
international cities in the Americas, Europe, Asia and the Middle
East, helped pave the way for the company’s growth during her
tenure. Before that, Ms. Sellers was a partner and head of real
estate at McKinsey & Company. During her 14 years as a partner
at McKinsey, Ms. Sellers was responsible for launching and building
the firm’s real estate group. Earlier in her career, Ms. Sellers
practiced law in the real estate departments of two major New York
City law firms, representing clients on sales and acquisitions,
leases, construction agreements, joint ventures, urban renewal
projects, and financings.
Ms. Sellers holds a JD from Columbia Law School,
an MLA in landscape architecture from Harvard Graduate School of
Design, and a BA in architecture and landscape architecture from
University of Pennsylvania. She serves on the Board of Overseers
for University of Pennsylvania School of Design, and the Dean's
Campaign Committee at Harvard Graduate School of Design.
About Hovnanian
Enterprises®Hovnanian Enterprises, Inc., founded in 1959
by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey
and, through its subsidiaries, is one of the nation’s largest
homebuilders with operations in Arizona, California, Delaware,
Florida, Georgia, Illinois, Maryland, New Jersey, Ohio,
Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and
West Virginia. The Company’s homes are marketed and sold under the
trade names K. Hovnanian® Homes, Brighton Homes® and
Parkwood Builders. Additionally, the Company’s subsidiaries, as
developers of K. Hovnanian’s® Four Seasons communities, make
the Company one of the nation’s largest builders of active
lifestyle communities.
Additional information on Hovnanian Enterprises,
Inc., including a summary investment profile and the Company’s 2017
annual report, can be accessed through the “Investor Relations”
section of Hovnanian Enterprises’ website at http://www.khov.com.
To be added to Hovnanian's investor e-mail or fax lists, please
send an e-mail to IR@khov.com or sign up at
http://www.khov.com.
FORWARD-LOOKING STATEMENTS
All statements in this press release
that are not historical facts should be considered as
“Forward-Looking Statements” within the meaning of the “Safe
Harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
forward-looking statements include but are not limited to
statements related to the Company’s goals and expectations with
respect to its financial results for future financial periods.
Although we believe that our plans, intentions and expectations
reflected in, or suggested by, such forward-looking statements are
reasonable, we can give no assurance that such plans, intentions or
expectations will be achieved. By their nature, forward-looking
statements: (i) speak only as of the date they are made, (ii) are
not guarantees of future performance or results and (iii) are
subject to risks, uncertainties and assumptions that are difficult
to predict or quantify. Therefore, actual results could differ
materially and adversely from those forward-looking statements as a
result of a variety of factors. Such risks, uncertainties and other
factors include, but are not limited to, (1) changes in general and
local economic, industry and business conditions and impacts of a
sustained homebuilding downturn; (2) adverse weather and other
environmental conditions and natural disasters; (3) levels of
indebtedness and restrictions on the Company’s operations and
activities imposed by the agreements governing the Company’s
outstanding indebtedness; (4) the Company's sources of liquidity;
(5) changes in credit ratings; (6) changes in market conditions and
seasonality of the Company’s business; (7) the availability and
cost of suitable land and improved lots; (8) shortages in, and
price fluctuations of, raw materials and labor; (9) regional and
local economic factors, including dependency on certain sectors of
the economy, and employment levels affecting home prices and sales
activity in the markets where the Company builds homes; (10)
fluctuations in interest rates and the availability of mortgage
financing; (11) changes in tax laws affecting the after-tax costs
of owning a home; (12) operations through joint ventures with third
parties; (13) government regulation, including regulations
concerning development of land, the home building, sales and
customer financing processes, tax laws and the environment; (14)
product liability litigation, warranty claims and claims made by
mortgage investors; (15) levels of competition; (16) availability
and terms of financing to the Company; (17) successful
identification and integration of acquisitions; (18) significant
influence of the Company’s controlling stockholders; (19)
availability of net operating loss carryforwards; (20) utility
shortages and outages or rate fluctuations; (21) geopolitical
risks, terrorist acts and other acts of war; (22) increases in
cancellations of agreements of sale; (23) loss of key management
personnel or failure to attract qualified personnel; (24)
information technology failures and data security breaches; (25)
legal claims brought against us and not resolved in our favor; and
(26) certain risks, uncertainties and other factors described in
detail in the Company’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2017 and subsequent filings with the
Securities and Exchange Commission. Except as otherwise required by
applicable securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, changed circumstances or
any other reason.
Contact:
J. Larry SorsbyExecutive Vice President &
CFO732-747-7800
Jeffrey T.
O’Keefe Vice President of
Investor Relations732-747-7800
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