Housing Giants - April 24, 2008 - (Page 9)

MOVES JEFFREY V. PETERSON TAKES REINS AT STANDARD PACIFIC Bob Staed is heading the new Ames & Gough office in St. Louis. With headquarters in Washington D.C., Ames & Gough is a specialty insurance broker focused on serving architects, engineers, contractors, owners/ developers and law firms. Previously, Staed was a senior principal with HOK Sport, where he served as chief legal officer as well as a member of the six-person management team responsible for running HOK Sport’s U.S. operations. “In my various roles at HOK, I learned a lot about managing the complex risks faced by architects and engineers,” Staed says in a news release. “I am excited about joining a firm of the quality of Ames & Gough. This gives me the opportunity to share what I’ve learned with our clients, helping them operate more effectively and efficiently.” In a sign of the times, Stephen J. Scarborough is out and Jeffrey V. Peterson is in as the new president and CEO of Irvine, Calif.-based production builder Standard Pacific Corp. The publicly-traded giant announced recently the immediate retirement of Scarborough, who had been CEO for eight years, and that the firm’s board of directors elected its lead independent director, Peterson, to run the company. Standard Pacific held the No. 12 rank in Professional Builder’s 2007 Giant 400 Report but lost $767 million last year, as closings declined from 10,763 in 2006 to 8,051 in 2007. Housing revenues declined to $3.01 billion from $4.1 billion the previous year. The firm cut 27 percent of its already-depleted staff in February this year. Peterson has been a Standard Pacific director since 2001. He served as chairman of the nominating and corporate governance committee and was a member of the executive and compensation committees. He is a former managing director of The Trust Co. of the West, a huge Los Angeles-based investment firm. He also once served as managing director of Kidder, Peabody & Co. But home building experience is missing from his resume. “My charter is to lead our management team and company through these difficult times,” Peterson is quoted in a company press release. He later told investors and stock analysts, on a conference call, that the board ordered management to act “with a sense of urgency” and he promised to “move quickly and decisively” in formulating a new long-term strategy for the firm. “The reality is we have to focus on a longer-term basis,” Peterson said, but added, “I don’t have that strategy today.” Peterson also acknowledged Scarborough’s “many accomplishments and exemplary character.” Scarborough had been an executive of Standard Pacific for 27 years. – Bill Lurz WWW.HOUSINGGIANTS.COM 4.24.08.HOUSING GIANTS 9 http://www.standardpacifichomes.com/ http://www.standardpacifichomes.com/ http://www.amesgough.com/ http://www.housingzone.com/probuilder/index.asp?layout=giants http://www.housingzone.com/probuilder/index.asp?layout=giants http://www.thetrustcompany.com/ http://www.bizjournals.com/prnewswire/press_releases/California/2008/03/20/LATH079 http://WWW.HOUSINGGIANTS.COM

Table of Contents Feed for the Digital Edition of Housing Giants - April 24, 2008

Housing Giants - April 24, 2008 Contents Viewpoint News and Moves Sell Workforce Housing The New Housing Demographics

Housing Giants - April 24, 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.