Cavco Industries, Inc. (NASDAQ: CVCO) today announced that its
Board of Directors ("Board") appointed Susan L. Blount as an
independent director of the Company's Board. Ms. Blount, an
experienced financial services executive, retired as Executive Vice
President and General Counsel of Prudential Financial, Inc. in
2015, having served as General Counsel since 2005.
Ms. Blount's appointment fills the vacancy on
Cavco's Board and brings its current membership to five directors,
all of whom are independent. She will be a member of the
Company's Corporate Governance and Nominating Committee and the
Company's Compensation Committee.
"We are extremely pleased to welcome Susan Blount
to our Board," commented William Boor, non-executive Chairman of
the Board of Cavco. "Susan's accomplishments speak for themselves.
She has significant and very relevant experience in strategy,
corporate governance, risk and compliance in both the public and
private sectors."
Mr. Boor continued, "Susan's addition reflects our
commitment to enhance the Board's capabilities and diversity. We
look forward to getting the benefit of her insights, judgment and
counsel, and we are confident that Susan will make a meaningful and
very positive impact on our Company's future success."
"I am excited to join and begin to work with the
Cavco Board as we move into 2019," said Ms. Blount. "Cavco fills an
important role in the US housing market and the Company has
impressed me with its strong commitment to governance and focus on
superior stockholder returns."
"Ms. Blount is an outstanding addition to our
Board," added Daniel Urness, President and Acting Chief Executive
Officer of Cavco. "Her public company and diverse corporate
management experience will offer fresh perspectives and oversight
to help our leadership team enhance long-term shareholder
value."
Susan L. Blount
From 2005 to 2015, Susan Blount served as General Counsel of
Prudential Financial, Inc. (Prudential), a leading provider of
insurance, retirement and asset management products and services.
In that role, Ms. Blount led the company's global law, compliance,
business ethics and external affairs organization. During that
time, Ms. Blount was a member of key senior management committees
including the Office of the Chairman Group, the Enterprise Risk
Committee and the Capital and Financial Controls Committee. Ms.
Blount joined Prudential in 1985 as a staff attorney in the
company's commercial real estate organization. Before being
appointed General Counsel, she held various positions of increasing
responsibility, including Chief Investment Counsel, Vice President
and Corporate Secretary, and Associate General Counsel and Head of
Shareholder Service. Prior to joining Prudential, Ms. Blount was an
Associate at Kirkland & Ellis.
In 2017, Ms. Blount was an Advanced Leadership Initiative Fellow
at Harvard University. Since 2016, she has taught as an adjunct
professor at the University of Texas School of Law. Ms. Blount is
active in professional and community service. She currently serves
on the University of Texas Law School Foundation, the Executive
Committee of the Center for Women in Law and the Nantucket
Historical Association. Ms. Blount has also served on the Boards of
organizations such as Montclair State University, the Leadership
Council for Legal Diversity, the Association of Corporate Counsel
and the New Jersey Law and Education Empowerment Project. She has
also been a faculty member at Stanford University's annual
Directors' College and a participant in Stanford's Institutional
Investors Forum.
Ms. Blount graduated from The University of Texas at Austin with
a bachelor's degree in history and a juris doctor with honors.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona,
designs and produces factory-built housing products primarily
distributed through a network of independent and Company-owned
retailers. The Company is one of the largest producers of
manufactured homes in the United States, based on reported
wholesale shipments, marketed under a variety of brand names
including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont
Homes, Friendship Homes, Chariot Eagle and Lexington Homes.
The Company is also a leading producer of park model RVs,
vacation cabins, and systems-built commercial structures, as well
as modular homes built primarily under the Nationwide Homes brand.
Cavco's mortgage subsidiary, CountryPlace Mortgage, is an approved
Fannie Mae and Freddie Mac seller/servicer, a Ginnie Mae
mortgage-backed securities issuer that offers conforming mortgages,
non-conforming mortgages and home-only loans to purchasers of
factory-built homes. Our insurance subsidiary, Standard Casualty,
provides property and casualty insurance to owners of manufactured
homes.
Forward-Looking Statements
Certain statements contained in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities and Exchange Act of 1934 and
the Private Securities Litigation Reform Act of 1995. In general,
all statements that are not historical in nature are
forward-looking. Forward-looking statements are typically included,
for example, in discussions regarding the manufactured housing and
site-built housing industries; our financial performance and
operating results; and the expected effect of certain risks and
uncertainties on our business, financial condition and results of
operations. All forward-looking statements are subject to risks and
uncertainties, many of which are beyond our control. As a result,
our actual results or performance may differ materially from
anticipated results or performance. Factors that could cause such
differences to occur include, but are not limited to: adverse
industry conditions; our ability to successfully integrate past
acquisitions and any future acquisition or the ability to attain
the anticipated benefits of such acquisitions; the risk that any
past or future acquisition may adversely impact our liquidity;
involvement in vertically integrated lines of business, including
manufactured housing consumer finance, commercial finance and
insurance; a constrained consumer financing market; curtailment of
available financing for retailers in the manufactured housing
industry; our participation in certain wholesale and retail
financing programs for the purchase of our products by industry
distributors and consumers may expose us to additional risk of
credit loss; significant warranty and construction defect claims;
our contingent repurchase obligations related to wholesale
financing; market forces and housing demand fluctuations; net
losses were incurred in certain prior periods and there can be no
assurance that we will generate income in the future; a write-off
of all or part of our goodwill; the cyclical and seasonal nature of
our business; limitations on our ability to raise capital;
competition; our ability to maintain relationships with independent
distributors; our business and operations being concentrated in
certain geographic regions; labor shortages; pricing and
availability of raw materials; unfavorable zoning ordinances; loss
of any of our executive officers; organizational document
provisions delaying or making a change in control more difficult;
volatility of stock price; general deterioration in economic
conditions and continued turmoil in the credit markets; increased
costs of healthcare benefits for employees; governmental and
regulatory disruption; information technology failures and data
security breaches; extensive regulation affecting manufactured
housing; potential financial impact on the Company from the
subpoena we received from the SEC; the risk of potential litigation
or regulatory action arising from the SEC subpoena; potential
reputational damage that the Company may suffer as a result of the
matters that are the subject of the subpoena from the SEC, as well
as the results of the investigation being carried out by the Audit
Committee of the Board of Directors; together with all of the other
risks described in our filings with the Securities and Exchange
Commission. Readers are specifically referred to the Risk Factors
described in Item 1A of the 2018 Form 10-K, as may be amended from
time to time, which identify important risks that could cause
actual results to differ from those contained in the
forward-looking statements. Cavco expressly disclaims any
obligation to update any forward-looking statements contained in
this release, whether as a result of new information, future events
or otherwise. Investors should not place any reliance on any such
forward-looking statements.
Media Contact:John
LovalloPhone:
917-612-8419Email: jlovallo@levick.com
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