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."
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