PulteGroup (PHM) Appoints New CEO

September 8, 2016 8:34 AM EDT

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PulteGroup, Inc. (NYSE: PHM) announced that its Board of Directors has unanimously named Ryan Marshall, PulteGroup's President, as Chief Executive Officer effective immediately. Mr. Marshall, who has also become a member of the Board, succeeds Richard J. Dugas, Jr. who earlier this year announced his intent to retire. Mr. Dugas will continue as Executive Chairman of the Board through the Company's 2017 annual meeting of shareholders.

"After a thorough evaluation of internal and external candidates, the Board determined that Ryan was clearly the best-qualified person to lead PulteGroup as it continues to implement its Value Creation strategy," said Patrick J. O'Leary, leader of the independent five member CEO search committee of the PulteGroup Board. "Over his more than 15 year career at PulteGroup, Ryan has proven to be an outstanding leader with demonstrated success in managing homebuilding operations through all stages of the housing cycle."

Mr. Marshall said, "I am honored to lead this great organization and excited about the tremendous opportunities PulteGroup has for ongoing success. Our diversified geographic footprint and broad product portfolio provide distinct competitive advantages that we will continue to leverage. Reflecting on the significant operating and financial progress we have achieved over the past few years pursuing our Value Creation strategy, I am confident that we have the resources and the capabilities to further expand our share of the U.S. housing market while continuing to realize high returns on invested capital."

Lead Independent Director James J. Postl added, "On behalf of the Board, I would like to thank Richard Dugas for his significant accomplishments as our Chief Executive Officer over the past 13 years, highlighted by the Value Creation strategy he helped launch in 2011. His passionate leadership and clear vision have positioned the Company to move ahead with new leadership from a position of strength."

"Ryan is a skilled operating executive who thinks strategically about long-term initiatives in the context of housing industry cycles, and I am delighted by his selection as PulteGroup's next CEO," said Mr. Dugas. "I am confident that PulteGroup will continue to make strides under Ryan's leadership, and I look forward to working with him through a seamless transition."

Having managed many of the Company's largest operations during his tenure, Mr. Marshall has a deep understanding of the homebuilding business. Mr. Marshall most recently served as PulteGroup's President with responsibility for the Company's homebuilding operations and its marketing and strategy departments. Prior to being named President, Mr. Marshall was Executive Vice President of Homebuilding Operations. Other previous roles included Area President for the Company's Southeast Area, Area President for Florida, Division President in both South Florida and Orlando, and Area Vice President of Finance. In those roles, he has managed various financial and operating functions including financial reporting, land acquisition, and strategic market risk and opportunity analysis.

Mr. Marshall received a Bachelor of Arts in accounting from the University of Utah and a Master of Business Administration from Arizona State University. He is also a Certified Public Accountant.

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