AV Homes, Inc. Appoints Roger A. Cregg President and CEO
November 20 2012 - 4:05PM
AV Homes, Inc. (Nasdaq:AVHI) a developer and builder of active
adult and conventional home communities in Arizona and Florida,
today announced the appointment of former PulteGroup executive
Roger A. Cregg as its new President and Chief Executive Officer,
effective upon the December 3, 2012 resignation of Allen J.
Anderson.
Mr. Anderson has been affiliated with AV Homes since his
appointment to the Board of Directors in October 2010. He was
named President and Chief Executive Officer in June 2011 and will
continue to serve on the Company's Board of Directors following his
resignation. "Over the last 18 months Allen has done a
remarkable job re-positioning AV Homes within our industry," said
Joshua Nash, Chairman of the Board. "Allen developed a new
strategic plan to guide our transformation, substantially reduced
expenses and assembled a very experienced management team. He
has also built a platform for our future success and we truly
appreciate his contributions," he added.
Mr. Cregg, who most recently served as Senior Vice President of
Finance and Chief Financial Officer of residential and commercial
service provider The ServiceMaster Company, brings to AV Homes
wide-ranging experience within the homebuilding industry. He
joined PulteGroup, Inc. in 1998 and served as Chief Financial
Officer with the Company until his retirement from the position of
Executive Vice President and Chief Financial Officer in
2011.
While at PulteGroup Mr. Cregg was also responsible for
information technology, international operations and mortgage and
title operations. During his career with the PulteGroup he
successfully lead the funding of billions of dollars in capital
market transactions and was involved in numerous mergers and
acquisitions, including the acquisitions of active adult builder
Del Webb in 2001 and Centex Corporation in 2009. Mr. Cregg
also previously served as Executive Vice President and Chief
Financial Officer at Zenith Electronics, and as Vice President and
Chief Financial Officer of Sweetheart Cup Company, Inc., a leading
manufacturer and distributor of specialty containers and paper
goods.
"Roger's industry experience, particularly within the active
adult sector of our industry, will be instrumental to the further
development of our brand and in accelerating AV Homes' return to
profitability," Mr. Anderson said. Mr. Nash added that the
company was quite fortunate to have an executive with Mr. Cregg's
experience join the company. "Roger is well regarded within
the homebuilding industry and we are excited about the
contributions he will make as he assumes the leadership of our
talented team," he said.
Mr. Cregg graduated from Northeastern University in Boston, with
a Bachelor of Science degree in accounting. He earned his Master's
degree in Management from Kellogg Graduate School of Management,
Northwestern University. He currently serves as a member of
the board of directors of Comerica Inc., a commercial bank holding
company, and has previously served as chairman and a member of the
board of directors of the Detroit branch of the Federal Reserve
Bank of Chicago.
AV Homes, Inc. is engaged in homebuilding, community development
and land sales in Florida and Arizona. Its principal operations are
conducted at its active adult communities of Solivita near Orlando,
Florida and CantaMia near Phoenix, Arizona. The company also
builds conventional communities for people of all ages in the
Orlando and Phoenix areas under its Joseph Carl Homes
brand. AV Homes' common shares trade on NASDAQ under the
symbol AVHI.
This news release contains "forward-looking statements" within
the meaning of the U.S. federal securities laws, which statements
may include information regarding the plans, intentions,
expectations, future financial performance, or future operating
performance of AV Homes, Inc. Forward-looking statements are based
on the expectations, estimates, or projections of management as of
the date of this news release. Although our management believes
these expectations, estimates, or projections to be reasonable as
of the date of this news release, forward-looking statements are
inherently subject to significant business risks, economic and
competitive uncertainties, or other contingencies which could cause
our actual results or performance to differ materially from what
may be expressed or implied in the forward-looking statements.
Important factors that could cause our actual results or
performance to differ materially from our forward-looking
statements include those set forth in the "Risk Factors" section of
our Annual Report on Form 10-K for the year ended December 31, 2011
and in our other filings with the Securities and Exchange
Commission, which filings are available on www.sec.gov. At least
80% of active adult homes are intended for occupancy by at least
one person 55 years or older. AV Homes disclaims any intention or
obligation to update or revise any forward-looking statements to
reflect subsequent events and circumstances, except to the extent
required by applicable law.
CONTACT: Media Contact: Ken Plonski
480-214-7408
k.plonski@avhomesinc.com
Achari Ventures Holdings... (NASDAQ:AVHI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Achari Ventures Holdings... (NASDAQ:AVHI)
Historical Stock Chart
From Oct 2023 to Oct 2024