ATLANTA, Sept. 8, 2016 /PRNewswire/ -- PulteGroup,
Inc. (NYSE: PHM), one of America's largest homebuilding companies,
said today that William J. (Bill)
Pulte has been appointed to its Board of Directors.
Mr. Pulte is the grandson of the Company's founder, William J. Pulte.
PulteGroup also reported that it has entered into an agreement
with Company founder William J.
Pulte and certain related parties. The agreement
provides, among other things, that the signatories will vote in
favor of any Board nominees and against any nominees not nominated
by the Board, so long as Bill Pulte
serves on the Company's Board of Directors. The signatories
to the agreement own an aggregate of 30.7 million, or approximately
9.0%, of the currently outstanding shares of the Company.
"We are pleased to have a member of PulteGroup's founding family
join our Board to contribute to the ongoing success of the
Company," said James J. Postl, Lead
Independent Director of PulteGroup's Board of Directors. "Bill has
a broad background in the industry and is committed to working
constructively with the Board and management for the benefit of all
PulteGroup shareholders, as the Company continues to implement its
Value Creation strategy."
Mr. Pulte said, "I am pleased with the constructive discussions
that I have had with the PulteGroup Board and management
team. My grandfather and I fully support the Company's Value
Creation strategy, and we are pleased with the Company's ongoing
actions to enhance shareholder value. We also welcome today's
announcement that the Board has named Ryan
Marshall as the Company's new CEO. I look forward to working
with him and the other Board members as the Company continues to
build long-term shareholder value."
Since 2011, Mr. Pulte has served as CEO of Pulte Capital
Partners LLC, an investment firm with no affiliation with
PulteGroup that is focused on investing in housing supply, building
products, and related service companies. Mr. Pulte also currently
serves as CEO and Chairman of Carstin Brands LLC, a leading
residential countertop manufacturer, and as a director of Olon
Group Inc., a leading manufacturer for the cabinet industry. Prior
to its sale in May 2016, Mr. Pulte
built Southern Air & Heat LLC into one of the leading
residential heating and air conditioning platforms in the United
States. Mr. Pulte is a graduate of Northwestern University.
Debra Kelly-Ennis to Retire
from PulteGroup Board
PulteGroup also announced that, after two decades of service,
Debra Kelly-Ennis will resign from
the Board effective immediately. "We have benefitted from
Debra's insights and counsel for 20 years," said Mr. Postl.
"On behalf of the entire Board of Directors, I thank Debra for the
numerous contributions she has provided during her time with the
Company."
Forward-Looking Statements
This press release
includes "forward-looking statements." These statements are
subject to a number of risks, uncertainties and other factors that
could cause our actual results, performance, prospects or
opportunities, as well as those of the markets we serve or intend
to serve, to differ materially from those expressed in, or implied
by, these statements. You can identify these statements by
the fact that they do not relate to matters of a strictly factual
or historical nature and generally discuss or relate to forecasts,
estimates or other expectations regarding future events.
Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "project," "may," "can," "could," "might," "will" and
similar expressions identify forward-looking statements, including
statements related to expected operating and performing results,
planned transactions, planned objectives of management, future
developments or conditions in the industries in which we
participate and other trends, developments and uncertainties that
may affect our business in the future.
Such risks, uncertainties and other factors include, among other
things: interest rate changes and the availability of mortgage
financing; continued volatility in the debt and equity markets;
competition within the industries in
which PulteGroup operates; the availability and cost of
land and other raw materials used by PulteGroup in its
homebuilding operations; the impact of any changes to our strategy
in responding to the cyclical nature of the industry, including any
changes regarding our land positions and the rate of growth in land
spend; the availability and cost of insurance covering risks
associated with PulteGroup's businesses; shortages and
the cost of labor; weather related slowdowns; slow growth
initiatives and/or local building moratoria; governmental
regulation directed at or affecting the housing market, the
homebuilding industry or construction activities; uncertainty in
the mortgage lending industry, including revisions to underwriting
standards and repurchase requirements associated with the sale of
mortgage loans; the interpretation of or changes to tax, labor and
environmental laws; economic changes nationally or
in PulteGroup's local markets, including inflation,
deflation, changes in consumer confidence and preferences and the
state of the market for homes in general; legal or regulatory
proceedings or claims; our ability to generate sufficient cash flow
in order to successfully implement our capital allocation
priorities; required accounting changes; terrorist acts and other
acts of war; and other factors of national, regional and global
scale, including those of a political, economic, business and
competitive nature. See PulteGroup's Annual Report on Form
10-K for the fiscal year ended December 31, 2015, and other
public filings with the Securities and Exchange
Commission (the "SEC") for a further discussion of these and
other risks and uncertainties applicable to our
businesses. PulteGroup undertakes no duty to update any
forward-looking statement, whether as a result of new information,
future events or changes
in PulteGroup's expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM),
based in Atlanta, Georgia, is
one of America's largest homebuilding companies with operations in
approximately 50 markets throughout the country. Through its brand
portfolio that includes Centex, Pulte Homes, Del
Webb, DiVosta Homes and John Wieland Homes and
Neighborhoods, the Company is one of the industry's most versatile
homebuilders able to meet the needs of multiple buyer groups and
respond to changing consumer demand. PulteGroup conducts
extensive research to provide homebuyers with innovative solutions
and consumer inspired homes and communities to make lives
better.
For more information about PulteGroup, Inc. and
PulteGroup brands, go to:
www.pultegroupinc.com; www.pulte.com; www.centex.com; www.delwebb.com;
www.divosta.com and www.jwhomes.com.
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SOURCE PulteGroup, Inc.