RESTON,
Va., March 24, 2022 /PRNewswire/
-- NVR, Inc. (NYSE: NVR), one of the nation's largest
homebuilding and mortgage banking companies, announced that
Dwight C. Schar, Manuel H. Johnson and William A. Moran have announced their intention
to retire from NVR's Board of Directors (the "Board") and will not
stand for re-election at the 2022 Annual Meeting of
Shareholders. Messrs. Schar, Johnson and Moran are all
original NVR Board members, serving on the Board since 1993.
Mr. Schar, age 80, has been Chairman of the Board since
September 1993 and is the founder of
NVR. Mr. Schar started with Ryan Homes in 1968. He left
Ryan Homes to start NVHomes, and NVHomes subsequently acquired Ryan
Homes to form NVR.
Mr. Schar served as CEO of NVR from 1993 through June 2005. Mr. Schar's leadership and strategic
guidance through many business cycles, including the Global
Financial Crisis, has led to the long-term success of NVR.
Mr. Schar has been instrumental in transforming NVR into the third
largest homebuilder in terms of market capitalization as well as
achieving industry leading financial returns.
In addition to his contributions to NVR, Mr. Schar has also left
a lasting impression on the community, most notably with the
establishment of the Inova Schar Cancer Institute, the George Mason University Schar School of Policy and
the Ashland University Dwight Schar
College of Education.
The Board is appreciative of Mr. Schar's long-term leadership
and service to NVR and the Board.
Mr. Johnson, age 73, has served as the Chairman of the Audit
Committee since 1993. With Mr. Johnson's background as a
former Vice Chairman of the Federal Reserve, he has provided
economic and financial regulatory expertise to the Board during his
long tenure. The Board thanks Mr. Johnson for his
contributions to the success of NVR through his guidance and long
service to the Board.
Mr. Moran, age 75, has provided the Board with homebuilding and
land development expertise during his long tenure. Mr. Moran joined
Ryan Homes in 1971 and later left to start NVHomes with Mr.
Schar. The Board thanks Mr. Moran for his contributions to
the success of NVR through his guidance and long service to the
Board.
Paul C. Saville, age 66,
presently NVR's President and Chief Executive Officer, will stand
for election to the Board at the 2022 Annual Meeting of
Shareholders. Effective upon his election to the Board, Mr.
Saville will be appointed Executive Chairman of the Board and will
relinquish the President and CEO positions. Mr. Saville has
been President and CEO of NVR since 2005 and has been employed by
NVR since 1981. Mr. Saville will continue to provide
leadership and strategic direction to NVR as Executive
Chairman.
The Board has appointed Eugene J.
Bredow, age 52, as President and Chief Executive Officer
effective upon Mr. Saville's appointment as Executive Chairman of
the Board. Mr. Bredow has been employed by NVR since 2004 and
has served as President of NVR Mortgage since April 2019. Mr.
Bredow served as Senior Vice President and Chief Administrative
Officer from March 2018 through March
2019. Mr. Bredow served as Vice President and Controller from
June 2012 and Chief Accounting
Officer from February 2016 through
February 2018.
About NVR
NVR, Inc. operates in two business
segments: homebuilding and mortgage banking. The
homebuilding segment sells and builds homes under the Ryan Homes,
NVHomes and Heartland Homes trade names, and operates in
thirty-four metropolitan areas in fourteen states and Washington, D.C. For more information
about NVR, Inc. and its brands, see www.nvrinc.com,
www.ryanhomes.com, www.nvhomes.com and
www.heartlandluxuryhomes.com
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SOURCE NVR, Inc.