AUSTIN, Texas--(BUSINESS WIRE)--Dec. 21, 2017--
Forestar Group Inc. (NYSE: FOR) (“Forestar”) today announced that
Phillip J. Weber, Chief Executive Officer, will step down from this
position effective December 28, 2017 and Daniel C. Bartok has
been appointed Chief Executive Officer of Forestar effective December 29,
2017. Weber plans to assist Forestar in the transition.
Donald J. Tomnitz, Executive Chairman of the Forestar Board, said, “Phil
has been instrumental in leading Forestar’s transition over the past
several years, including the successful exit of non-core businesses to
generate cash and strengthen the balance sheet, which positioned
Forestar to strategically invest in its core lot development business.
We are grateful for Phil’s important contributions to Forestar as CEO
and in his prior roles over his eight years with the Company, and we
wish him all the best in his future endeavors.”
“With Dan’s significant expertise in land development and over three
decades in the real estate industry, he is well-suited to help lead
Forestar in its next chapter,” continued Tomnitz. “His outstanding
breadth of experience makes him an ideal addition to the Forestar
management team, as we guide and grow Forestar into the leading land
developer in the United States.”
“I am excited for this opportunity and look forward to working with the
Forestar and D.R. Horton teams to expand Forestar’s platform and create
the nation’s leading residential land developer,” said Daniel C. Bartok.
“I am confident that Forestar is well-positioned to support the
long-term growth opportunities for this dynamic industry, while
delivering value to its shareholders and homebuilders.”
Bartok joins Forestar with more than 35 years of experience in real
estate, most recently serving as the Executive Vice President of Owned
Real Estate for Wells Fargo. Prior to joining Wells Fargo, he built a
successful real estate development company operating across multiple
states, with an emphasis on residential land development and
homebuilding. Bartok graduated from the University of Illinois with a
degree in accounting and began his career at Price Waterhouse.
As previously announced, on October 5, 75% of the outstanding shares of
Forestar were acquired by D.R. Horton, Inc. Both companies are currently
identifying land development opportunities to expand Forestar's
platform, with the stated goal of selling an increased volume of
developed residential lots to D.R. Horton and other homebuilders. This
is expected to enable Forestar to organically become a leading land
developer with national scale and create additional long-term value for
all Forestar shareholders, while supporting D.R. Horton’s strategy of
expanding relationships with land developers across the country and
growing the optioned portion of its land and lot position to enhance
operational efficiency and returns.
About Forestar Group Inc.
Forestar Group Inc. is a residential and real estate development company
with operations in 14 markets in 10 states, where it owns, directly or
through joint ventures, interests in 44 residential and mixed-use
projects. As of October 5, 2017, Forestar is a majority-owned subsidiary
of D.R. Horton, Inc., the largest homebuilder by volume in the United
States for sixteen consecutive years.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder
by volume in the United States for sixteen consecutive years. Founded in
1978 in Fort Worth, Texas, D.R. Horton has operations in 79 markets in
26 states across the United States and closed 45,751 homes during its
fiscal year ended September 30, 2017. The Company is engaged in the
construction and sale of high-quality homes through its diverse brand
portfolio that includes D.R. Horton, Emerald Homes, Express Homes and
Freedom Homes with sales prices ranging from $100,000 to over
$1,000,000. D.R. Horton also provides mortgage financing and title
services for homebuyers through its mortgage and title subsidiaries.
Portions of this document may constitute “forward-looking statements” as
defined by the Private Securities Litigation Reform Act of 1995.
Although D.R. Horton and Forestar believe any such statements are based
on reasonable assumptions, there is no assurance that actual outcomes
will not be materially different. All forward-looking statements are
based upon information available to D.R. Horton and Forestar on the date
this release was issued. Neither D.R. Horton nor Forestar undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Some
forward-looking statements discuss D.R. Horton’s and Forestar’s plans,
strategies and intentions. They use words such as “expects,” “may,”
“will,” “believes,” “should,” “would,” “could,” “approximately,”
“anticipates,” “estimates,” “targets,” “intends,” “likely,” “projects,”
“positioned,” “strategy,” “future,” and “plans.” In addition, these
words may use the positive or negative or other variations of those
terms. Forward-looking statements also include all other statements in
this press release that are not historical facts.
Additional information about issues that could lead to material changes
in performance is contained in D.R. Horton’s and Forestar’s respective
annual reports on Form 10-K and their respective most recent quarterly
reports on Form 10-Q, all of which are filed with the Securities and
View source version on businesswire.com: http://www.businesswire.com/news/home/20171221005073/en/
Source: Forestar Group Inc.
Charles D. Jehl
Chief Financial Officer
Jessica L. Hansen
Vice President of Investor Relations