IRVINE, Calif., Sept. 12, 2011 /PRNewswire/ -- Standard Pacific Corp. (NYSE: SPF) announced today that Ken Campbell, Chief Executive Officer, will resign from his role as CEO and as a member of the Board of Directors of the Company on January 1, 2012. Scott Stowell, the Company's President, will now begin to assume day-to-day management of the Company. He will receive the title of Chief Executive Officer and will join the Board of Directors upon Mr. Campbell's departure in January.
"I have served as Standard Pacific Homes' CEO for almost three years," said Mr. Campbell, "which is about as long as a restructuring guy like me should stick around. I'm extremely proud of the tremendous progress our entire team has made during my tenure here and believe, with Scott at the helm, Standard Pacific Homes is well positioned for the future. I look forward to watching Scott and the rest of the outstanding leadership group we have assembled execute our growth plan as we come out of the economic downturn. I am particularly encouraged by the growth in sales during the summer despite the obvious challenges. I believe this is a strong indicator that our move-up strategy and land acquisition program is going to be successful."
Ronald Foell, co-founder and Chairman of Standard Pacific Homes' Board of Directors, said: "We are grateful for the strong leadership Ken has provided to Standard Pacific Homes during an extremely challenging time for the Company and thank him for positioning us well for future success. We expect to reap the rewards of his efforts for years to come as we continue to implement the strategies and disciplines he and our other senior leaders have put in place."
"I'm looking forward to taking on the CEO role and working closely with Ken and the other members of our senior management team over the next several months to assure a smooth transition," said Mr. Stowell. "As I look around the Company, I see a talented and experienced group of people who will help us to create stockholder value as we navigate the remainder of this downturn while preparing for the housing market's eventual recovery."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV