AV Homes, Inc. Appoints Roger A. Cregg President and CEO
Allen Anderson Retains Position on Board of Directors
SCOTTSDALE, Ariz., Nov. 20, 2012 (GLOBE NEWSWIRE) -- AV Homes, Inc.
(Nasdaq:AVHI) a developer and builder of active adult and conventional home
communities in Arizona and Florida, today announced the appointment of former
PulteGroup executive Roger A. Cregg as its new President and Chief Executive
Officer, effective upon the December 3, 2012 resignation of Allen J. Anderson.
Mr. Anderson has been affiliated with AV Homes since his appointment to the
Board of Directors in October 2010.He was named President and Chief Executive
Officer in June 2011 and will continue to serve on the Company's Board of
Directors following his resignation."Over the last 18 months Allen has done a
remarkable job re-positioning AV Homes within our industry," said Joshua Nash,
Chairman of the Board."Allen developed a new strategic plan to guide our
transformation, substantially reduced expenses and assembled a very
experienced management team.He has also built a platform for our future
success and we truly appreciate his contributions," he added.
Mr. Cregg, who most recently served as Senior Vice President of Finance and
Chief Financial Officer of residential and commercial service provider The
ServiceMaster Company, brings to AV Homes wide-ranging experience within the
homebuilding industry.He joined PulteGroup, Inc. in 1998 and served as Chief
Financial Officer with the Company until his retirement from the position of
Executive Vice President and Chief Financial Officer in 2011.
While at PulteGroup Mr. Cregg was also responsible for information technology,
international operations and mortgage and title operations.During his career
with the PulteGroup he successfully lead the funding of billions of dollars in
capital market transactions and was involved in numerous mergers and
acquisitions, including the acquisitions of active adult builder Del Webb in
2001 and Centex Corporation in 2009.Mr. Cregg also previously served as
Executive Vice President and Chief Financial Officer at Zenith Electronics,
and as Vice President and Chief Financial Officer of Sweetheart Cup Company,
Inc., a leading manufacturer and distributor of specialty containers and paper
"Roger's industry experience, particularly within the active adult sector of
our industry, will be instrumental to the further development of our brand and
in accelerating AV Homes' return to profitability," Mr. Anderson said.Mr.
Nash added that the company was quite fortunate to have an executive with Mr.
Cregg's experience join the company."Roger is well regarded within the
homebuilding industry and we are excited about the contributions he will make
as he assumes the leadership of our talented team," he said.
Mr. Cregg graduated from Northeastern University in Boston, with a Bachelor of
Science degree in accounting. He earned his Master's degree in Management from
Kellogg Graduate School of Management, Northwestern University.He currently
serves as a member of the board of directors of Comerica Inc., a commercial
bank holding company, and has previously served as chairman and a member of
the board of directors of the Detroit branch of the Federal Reserve Bank of
AV Homes, Inc. is engaged in homebuilding, community development and land
sales in Florida and Arizona. Its principal operations are conducted at its
active adult communities of Solivita near Orlando, Florida and CantaMia near
Phoenix, Arizona.The company also builds conventional communities for people
of all ages in the Orlando and Phoenix areas under its Joseph Carl Homes
brand.AV Homes' common shares trade on NASDAQ under the symbol AVHI.
This news release contains "forward-looking statements" within the meaning of
the U.S. federal securities laws, which statements may include information
regarding the plans, intentions, expectations, future financial performance,
or future operating performance of AV Homes, Inc. Forward-looking statements
are based on the expectations, estimates, or projections of management as of
the date of this news release. Although our management believes these
expectations, estimates, or projections to be reasonable as of the date of
this news release, forward-looking statements are inherently subject to
significant business risks, economic and competitive uncertainties, or other
contingencies which could cause our actual results or performance to differ
materially from what may be expressed or implied in the forward-looking
statements. Important factors that could cause our actual results or
performance to differ materially from our forward-looking statements include
those set forth in the "Risk Factors" section of our Annual Report on Form
10-K for the year ended December 31, 2011 and in our other filings with the
Securities and Exchange Commission, which filings are available on
www.sec.gov. At least 80% of active adult homes are intended for occupancy by
at least one person 55 years or older. AV Homes disclaims any intention or
obligation to update or revise any forward-looking statements to reflect
subsequent events and circumstances, except to the extent required by
CONTACT: Media Contact: Ken Plonski
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