Five Point Holdings, LLC Announces Appointment of Daniel Hedigan as Chief Executive Officer and Stepping Down of Lynn Jochim, President and Chief Operating Officer
February 09 2022 - 5:00PM
Business Wire
Five Point Holdings, LLC (“Five Point” or the “Company”)
(NYSE:FPH), an owner and developer of large mixed-use planned
communities in coastal California, today announced the appointment
of Daniel Hedigan as Chief Executive Officer of the Company,
effective immediately, and that Lynn Jochim, President and Chief
Operating Officer, will step down, effective as of February 14,
2022.
Mr. Hedigan is an industry veteran with over 40 years of
experience in the residential real estate sector and extensive
expertise in mixed-use planned communities. Most recently, Mr.
Hedigan served as President of Land Sales & Home Building at
the Irvine Company from 2013 to 2021, where he oversaw all aspects
of development, including oversight of design professionals,
project managers, construction and customer service teams, sales
and marketing teams. Mr. Hedigan holds a J.D. and Master’s Degree
in Economics from the University of California, Los Angeles, and a
B.A. in Economics and Political Science from the University of
California, Irvine.
Stuart Miller, Executive Chairman of Five Point, said, “I am
delighted to welcome Dan to Five Point at this pivotal time. Dan
brings with him invaluable expertise from his many years at one of
the country’s largest planned community developers. He will bring
an excellent balance of management skills and experience, with a
focus on right-sizing our cost structures to fit the size and scale
of our business, monetizing our significant land holdings, and
driving shareholder value. Under Dan’s leadership, Five Point will
be well-positioned to plan and build our leading sustainable
mixed-use communities.”
Mr. Hedigan said, “I am thrilled to join Five Point and excited
for the opportunities and challenges ahead. I look forward to
working with Stuart and the rest of the management team to build
upon our business practices and efficiencies, so that we can drive
bottom line performance. In addition to the considerable
residential homesites remaining in our communities, I look forward
to activating our substantial commercial land opportunities as
well.”
Also on February 9, 2022, the Company announced that Lynn
Jochim, President and Chief Operating Officer, is stepping down,
effective as of February 14, 2022. Given her extensive background
and long-time experience with the Company and its communities, Ms.
Jochim has agreed to assist the Company going forward under an
advisory agreement with a term of three years.
Mr. Miller said, “We very much value and appreciate Lynn’s
leadership over the past 12 years, playing a key role in the
development of Great Park in Irvine and Valencia in Los Angeles
County, two of the most vibrant and sustainable communities in the
country. Lynn has helped to establish a strong foundation for
future success, and we look forward to her continued input as a
valued advisor to the Company in the coming years.”
About Five Point
Five Point, headquartered in Irvine, California, designs and
develops large mixed-use planned communities in Orange County, Los
Angeles County, and San Francisco County that combine residential,
commercial, retail, educational, and recreational elements with
public amenities, including civic areas for parks and open space.
Five Point’s communities include the Great Park Neighborhoods® in
Irvine, Valencia® (formerly known as Newhall Ranch®) in Los Angeles
County, and Candlestick® and The San Francisco Shipyard® in the
City of San Francisco. These communities are designed to include
approximately 40,000 residential homes and approximately 23 million
square feet of commercial space.
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version on businesswire.com: https://www.businesswire.com/news/home/20220209006024/en/
Erik Higgins, 949-425-5212 Erik.Higgins@fivepoint.com
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