WASHINGTON (dpa-AFX) - PulteGroup Inc. (PHM) said that it has appointed Ryan Marshall, PulteGroup's President, as Chief Executive Officer effective immediately. Marshall, who has also become a member of the Board, succeeds Richard Dugas, Jr. who earlier this year announced his intent to retire. Dugas will continue as Executive Chairman of the Board through the Company's 2017 annual meeting of shareholders.
Most recently, Marshall served as PulteGroup's President with responsibility for the Company's homebuilding operations and its marketing and strategy departments. Prior to being named President, Mr. Marshall was Executive Vice President of Homebuilding Operations. Other previous roles included Area President for the Company's Southeast Area, Area President for Florida, Division President in both South Florida and Orlando, and Area Vice President of Finance.
In a separate press release, PulteGroup said that William J. (Bill) Pulte has been appointed to its Board of Directors. Mr. Pulte is the grandson of the Company's founder, William J. Pulte.
PulteGroup also noted that it has entered into an agreement with Company founder William J. Pulte and certain related parties. The agreement provides that 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 of Directors. The signatories to the agreement own an aggregate of 30.7 million, or approximately 9.0%, of the currently outstanding shares of the Company.
PulteGroup also announced that, after two decades of service, Debra Kelly-Ennis will resign from the Board effective immediately.
PulteGroup also announced that its Board has declared a quarterly cash dividend of $0.09 per common share payable October 4, 2016, to shareholders of record at the close of business on September 20, 2016.
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