Former Deloitte & Touche
LLP Audit Partner Will Contribute Significant Audit and
Financial Expertise to Board
Cavco Industries, Inc. (NASDAQ: CVCO) today announced that its
Board of Directors ("Board") appointed Richard Kerley as an
independent director of the Company's Board, effective February 22,
2019. Mr. Kerley, an experienced financial services executive,
served as an Audit Partner with Deloitte & Touche LLP (now
Deloitte LLP) for 24 years. During his career, he has also held the
title of Chief Financial Officer at two companies and has
previously served as a public company lead director.
Currently, Mr. Kerley serves as a director of two publicly
traded companies: The Providence Service Corporation, where he is
the Chair of the Audit Committee and the Compensation Committee;
and The Joint Corp., where he is the Chair of the Compensation
Committee and a Member of the Audit Committee.
Mr. Kerley brings Cavco's Board current membership to six
directors, all of whom are independent. He will be a member of
the Company's Audit Committee and the newly-formed Legal and
Compliance Oversight Committee. Following an initial period of
orientation to Cavco and its operations, it is anticipated that Mr.
Kerley will chair the Audit Committee.
"Rich is an excellent addition to our Board," commented William
Boor, non-executive Chairman of the Board of Cavco. "He is an
accomplished leader and an experienced board member in the public
company sector. Rich's extensive audit, financial and operational
expertise will provide the Board with valuable insights as the
Company continues to pursue operational excellence balanced with
appropriate risk management to achieve sustained long-term
success."
"I am excited to be joining Cavco's Board and I look forward to
working with the other members of the Board and management team,"
said Mr. Kerley. "I am very impressed by Cavco's Board and
executive leadership team and look forward to supporting the
Company as we take advantage of the significant market
opportunities that lie ahead."
"Our leadership team is extremely pleased to add another
exceptional leader to our Board," added Daniel Urness, President
and Acting Chief Executive Officer of Cavco. "Rich has a broad set
of skills that will support Cavco's efforts to build high quality,
energy efficient homes for the modern-day home buyer."
The Company also announced that Susan Blount, an experienced
financial services executive who recently joined the Board, has
been appointed to chair the Company's newly-created Legal and
Compliance Oversight Committee, which will oversee the ongoing
enhancement of the Company's compliance programs and legal
function. She also serves on the Board's Corporate Governance and
Nominating Committee and Compensation Committee.
Richard A. Kerley
Mr. Kerley served as the Senior Vice President, Chief Financial
Officer and member of the Board of Peter Piper, Inc., a
privately-held pizza and entertainment restaurant chain, from
November 2008 to December 2014, when he retired. Previously, Mr.
Kerley served as the Chief Financial Officer of Fender Musical
Instruments Corporation, from July 2005 to October 2008. From June
1981 to July 2005, Mr. Kerley was an audit partner with Deloitte
& Touche LLP. Prior to becoming a partner at Deloitte &
Touche LLP, Mr. Kerley served as an audit manager and staff
accountant from August 1971 to June 1981.
Mr. Kerley also currently serves on the board of The Providence
Service Corporation, a publicly traded holding company whose
subsidiaries provide high quality, technology-enabled healthcare
services, and The Joint Corp., a publicly traded operator, manager
and franchisor of chiropractic clinics.
Mr. Kerley received a bachelor's degree in accounting from
Marshall University in 1971.
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, including federal 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, and
costs and expenses, arising from the SEC subpoenas and the events
described in or covered by the SEC subpoenas, including the
Company's indemnification obligations and insurance costs regarding
such matters; 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;
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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