Beazer Homes USA (BZH) Terminates Employment of Chief Accounting Officer
In Yesterday\'s 8-K Filing From Beazer Homes USA (NYSE: BZH): On June 27, 2007, Beazer Homes USA, Inc. announced that Michael T. Rand has been terminated for cause, under the terms of his employment agreement, due to violations of the Company’s ethics policy stemming from attempts to destroy documents in violation of the Company’s document retention policy. The action was taken by the Board of Directors and management following a briefing by the independent legal counsel retained by the Audit Committee of the Board of Directors. As previously disclosed, the Audit Committee, with the assistance of independent legal counsel, is conducting an internal investigation of the Company’s mortgage origination business and related matters and recently became aware of Mr. Rand’s actions during that investigation. As a result, Mr. Rand’s employment agreement dated as of September 1, 2004 the Senior Vice President and Chief Accounting Officer of the Company.
Mr. Rand\'s employment agreement was filed as an exhibit to the Company\'s Form 8-K filed with the Securities and Exchange Commission on September 1, 2004 and is hereby incorporated herein by as amended effective as of February 3, 2006, has terminated. Until his termination, Mr. Rand served as reference. An amendment to the employment agreement dated as of February 3, 2006 was filed as an exhibit to the Company’s Form 10-Q for the quarter ended March 31, 2006 filed with the Securities and Exchange Commission on May 10, 2006 and is also hereby incorporated herein by reference.
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