D.R. Horton, Inc. Names Paul J. Romanowski as President and CEO and David V. Auld as Executive Vice Chair
20 Setembro 2023 - 5:05PM
Business Wire
- Paul J. Romanowski promoted to CEO, effective October 1, 2023.
Paul has been the Company’s Co-COO since October 2021, after
serving as a Region President for 7 years and South Florida
Division President for 14 years
- David V. Auld will transition from CEO to Executive Vice Chair
of the D.R. Horton Board of Directors, effective October 1,
2023
- Michael J. Murray will continue to serve as COO, a role he has
held since 2014
- The Company’s succession plans for its management and board of
directors reflect the strength and depth of D.R. Horton’s
leadership
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today announced
the promotion of Paul J. Romanowski to President and Chief
Executive Officer (CEO) and his appointment to the Company’s Board
of Directors, both which will be effective October 1, 2023. At that
time, David V. Auld will transition from his current role as
President and CEO to Executive Vice Chair of the Company’s Board of
Directors. Michael J. Murray will continue to serve as Chief
Operating Officer (COO) for the Company.
Auld has been the Company's President and CEO since October 2014
and has led the Company to significant growth in revenues, market
share, earnings, cash flow generation and returns to shareholders,
while substantially increasing the company’s financial strength and
flexibility. Romanowski was named Co-COO in October 2021 with
shared oversight of the company’s homebuilding operations
nationwide and previously served as Region President overseeing all
D.R. Horton homebuilding divisions in Florida, the Gulf Coast and
five Mid-Atlantic states. Murray has held the role of COO since
October 2014 and has been vital to the successful expansion,
improvement and diversification of D.R. Horton’s operations during
his tenure.
Donald R. Horton, Chairman of the Board, said, “David is a
genuine, trusted leader and has been an invaluable member of the
Company’s management for 35 years. We are grateful for his
outstanding leadership during his tenure as CEO, during which the
Company has achieved tremendous growth and improvements in
operational efficiency and returns. Most importantly, David’s
leadership has helped us strengthen the Company’s culture and
development of the future leaders of D.R. Horton. I look forward to
continuing to work directly with David in his new role as Executive
Vice Chair.”
“Paul has been an integral member of our D.R. Horton management
team for more than 20 years,” continued Horton. “His outstanding
performance as a division and region president and most recently as
Co-COO has prepared him for this opportunity. Paul is an effective
leader and mentor who will help our Company continue to scale and
sustain its position as the leading homebuilder in the United
States. These internal promotions and transitions demonstrate the
strength and depth of D.R. Horton’s leadership team, and we are
excited about our opportunities ahead.”
Auld said, "I am humbled and privileged to have helped lead the
largest homebuilding company in the United States, and I look
forward to continuing to work with the D.R. Horton executive team
and Board of Directors in my new role as Executive Vice Chair. I
congratulate Paul on his well-deserved promotion to CEO and am
extremely grateful for Mike’s important contributions as a key part
of our management team in his ongoing role as COO. With strong
partnership and leadership from Paul and Mike, in addition to our
longtime CFO, Bill Wheat, the Company is well-positioned for
continued success.”
"I am excited to lead D.R. Horton, and I thank D.R. and David
for their leadership, guidance and support over the years, all of
which will benefit me in this new role," said Romanowski. "I look
forward to working with the entire D.R. Horton team to continue
building upon our strong operating platform and take advantage of
the extensive market opportunities ahead of us.”
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest
homebuilder by volume in the United States since 2002 and has
closed more than 1,000,000 homes in its 45-year history. D.R.
Horton has operations in 113 markets in 33 states across the United
States and is engaged in the construction and sale of high-quality
homes through its diverse product portfolio with sales prices
generally ranging from $200,000 to over $1,000,000. The Company
also constructs and sells both single-family and multi-family
rental properties. During the twelve-month period ended June 30,
2023, D.R. Horton closed 83,201 homes in its homebuilding
operations, in addition to 3,265 single-family rental homes and 530
multi-family rental units in its rental operations. D.R. Horton
provides mortgage financing, title services and insurance agency
services for its homebuyers and is the majority-owner of Forestar
Group Inc., a publicly traded national residential lot development
company.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton believes any such statements are
based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. All forward-looking
statements are based upon information available to D.R. Horton on
the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward-looking statements in this release include
that Paul is an effective leader and mentor who will help our
Company continue to scale and sustain its position as the leading
homebuilder in the United States and that with strong partnership
and leadership from Paul and Mike, in addition to our longtime CFO,
Bill Wheat, the Company is well-positioned for continued success.
The forward-looking statements also include that Paul looks forward
to working with the entire D.R. Horton team to continue building
upon our strong operating platform and take advantage of the
extensive market opportunities ahead of us.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to: the cyclical nature of
the homebuilding, lot development and rental housing industries and
changes in economic, real estate or other conditions; constriction
of the credit and public capital markets, which could limit our
ability to access capital and increase our costs of capital;
reductions in the availability of mortgage financing provided by
government agencies, changes in government financing programs, a
decrease in our ability to sell mortgage loans on attractive terms
or an increase in mortgage interest rates; the risks associated
with our land, lot and rental inventory; our ability to effect our
growth strategies, acquisitions or investments successfully; the
impact of an inflationary, deflationary or higher interest rate
environment; supply shortages and other risks of acquiring land,
building materials and skilled labor; the effects of public health
issues such as a major epidemic or pandemic, including the impact
of COVID-19 on the economy and our businesses; the effects of
weather conditions and natural disasters on our business and
financial results; home warranty and construction defect claims;
the effects of health and safety incidents; reductions in the
availability of performance bonds; increases in the costs of owning
a home; the effects of governmental regulations and environmental
matters on our homebuilding and land development operations; the
effects of governmental regulations on our financial services
operations; competitive conditions within the industries in which
we operate; our ability to manage and service our debt and comply
with related debt covenants, restrictions and limitations; the
effects of negative publicity; the effects of the loss of key
personnel; actions by activist stockholders; and information
technology failures, data security breaches and our ability to
satisfy privacy and data protection laws and regulations.
Additional information about issues that could lead to material
changes in performance is contained in D.R. Horton’s annual report
on Form 10-K and most recent quarterly report on Form-10-Q, both of
which are filed with the Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20230920652809/en/
D.R. Horton, Inc. Jessica Hansen, 817-390-8200 Vice President of
Investor Relations InvestorRelations@drhorton.com
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