ATLANTA - Homebuilding giant PulteGroup, Inc. (NYSE: PHM) appointed William J. (Bill) Pulte to its Board of Directors. The move to put the grandson of the company's founder, William J. Pulte, on the board reflects corporate disagreement over the course CEO Richard Dugas had charted for the company. He is set to retire.
PulteGroup also reported that it has entered into an agreement with its founder, William J. Pulte, and certain related parties, specifying the signatories will vote in favor of any board nominees and against any nominees not nominated by the Board, so long as Bill Pulte serves on the company's board. The elder Pulte owns 9 percent of the company stock.
"My grandfather and I fully support the company's Value Creation strategy, and we are pleased with the company's ongoing actions to enhance shareholder value," the younger Pulte said, announcing that Ryan Marshall was the new CEO.
Since 2011, the younger Pulte has served as CEO of Pulte Capital Partners LLC, an investment firm with no affiliation with PulteGroup that is focused on investing in housing supply, building products, and related service companies. Pulte also currently serves as CEO and Chairman of Carstin Brands, a leading residential countertop manufacturer, and as a director of Olon Group Inc., a leading manufacturer for the cabinet industry.
Have something to say? Share your thoughts with us in the comments below.