The homebuilder said in a filing Wednesday with the
Securities and Exchange Commission
that Michael T. Rand was terminated for cause due to violations of Beazer's ethics policy.
The action was taken by the board and management following a briefing by the independent legal counsel retained by the board's audit committee.
Shares of Beazer, which have tumbled more than 40% this year, slipped 54 cents, or 1.9%, to $28 in recent after-hours trading.