Cavco Industries Names Mickey R. Dragash General Counsel, Chief Compliance Officer and Corporate Secretary
08 Februar 2019 - 12:15AM
Cavco Industries, Inc. (NASDAQ: CVCO) ("Cavco" or the "Company")
today announced that the Company has named Mickey R. Dragash
("Mick") as Executive Vice President, General Counsel, Chief
Compliance Officer, and Corporate Secretary effective February 6,
2019.
In his new role, Mr. Dragash will lead Cavco's
legal and compliance functions. Mr. Dragash will also serve as a
member of the Company's Executive Management team and will report
to Dan Urness, President and Acting Chief Executive Officer.
"Mick is an excellent addition to our leadership
team," commented Dan Urness, President and Acting Chief Executive
Officer. "He is a proven executive with extensive experience in
leading legal and compliance functions and supporting strategic
initiatives across an organization. Mick's thoughtful judgment and
business-focused approach will be an asset as we continue to
execute our growth strategy."
"I am very pleased to have the opportunity to lead
Cavco's legal team and compliance function," added Mr. Dragash. "I
look forward to working closely with Dan, the leadership team, and
the Board of Directors to build on the Company's long-term
success."
Mickey R. Dragash's Background
Mr. Dragash brings significant legal, compliance
and operational experience to Cavco. From June 2015 to September
2017, Mr. Dragash served as Executive Vice-President, General
Counsel and Corporate Secretary of Swift Transportation, Inc.
(n/k/a Knight-Swift Transportation Holdings Inc. ("Swift")). Prior
to joining Swift, Mr. Dragash was Executive Vice-President, General
Counsel and Chief Compliance Officer for Gordon Trucking, Inc.
(n/k/a Heartland Express, Inc.) from 2013 to 2015. Mr. Dragash also
served as Associate General Counsel for DHL Supply Chain Solutions
from 2010 to 2013 and Assistant General Counsel at Walmart Stores,
Inc. from 2004 to 2010. Mr. Dragash also worked in private legal
practice as an Associate for the Ohio-based law firm Roetzel &
Andress, LPA. Before entering the legal profession, Mr. Dragash
worked in various business and operational capacities for both
Yellow Freight Systems, Inc. and Roadway Express, Inc. (n/k/a YRC
Worldwide, Inc.)
Mr. Dragash received his Bachelor of Arts degree
from Baldwin-Wallace University (Ohio), obtained a Master of
Science degree in Transportation Systems and Logistics Management
from the University of Denver and acquired his Juris Doctorate from
Ohio Northern University. Mr. Dragash is admitted to practice law
in all state and federal courts of Indiana and Ohio. He is also
admitted to the State Bar of Arizona as in-house counsel.
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; government
shutdowns; information technology failures and data security
breaches; extensive regulation affecting manufactured housing;
potential financial impact on the Company from the subpoenas we
received from the SEC; the risk of potential litigation or
regulatory action arising from the SEC subpoenas; potential
reputational damage that the Company may suffer as a result of the
matters that are the subject of the subpoenas from the SEC, as well
as the results of the investigation being carried out by the Audit
Committee of the Board of Directors; losses not covered by our
Director and Officer insurance may be large; 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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