A memorandum from the Securities and Exchanges Commission (SEC) dated yesterday opens as follows:
“November 8, 2018
Personal and Confidential
Joseph H. Stegmayer
[City, State Zip]
This letter confirms our discussions regarding your resignation from your current positions as Chairman of the Board and President and Chief Executive Officer of Cavco Industries, Inc. (“Cavco” or the “Company”) and from any and all positions you may hold as an officer or director of any of its subsidiaries, and to transition to a new role with the Company. Set forth below is information about your new position and other administrative matters, and a transition agreement and release of claims for your consideration.”
The entire SEC memorandum was obtained by the Daily Business News on MHProNews, and is found a this link here as a download.
From Statement from CAVCO via Media Release
“Mr. Stegmayer stepped down from his position as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer.
The Board’s decision to transition Mr. Stegmayer to a non-executive role allows the Company to retain his deep industry and operational experience. “The Board took actions that it believes to be in the best interest of the Company and its stakeholders,” commented Mr. Boor. “Cavco remains a strong Company and is well positioned for the future under Dan’s leadership,” said a statement by Cavco provided to MHProNews from various sources, that is found in its entirety, linked here as a download.
New Leaders at CAVCO?
“Cavco Industries, Inc. (Nasdaq: CVCO) (the “Company”) announced executive leadership changes. The Company’s Board of Directors (the “Board”) has appointed Daniel Urness as President and Acting Chief Executive Officer, effective immediately. In his new role, Mr. Urness will be responsible for day-to-day leadership of the Company. The Company also announced that Joshua Barsetti, the Company’s Chief Accounting Officer, will assume the duties of principal financial officer for purposes of financial filings and certifications. William Boor, Chairman of the Company’s Audit Committee, a member of the Company’s Compensation Committee and an independent member of the Board since July 2008, will assume the duties of non-executive Chairman of the Board,” per their statement, which again, is linked here as a download.
What About MHI?
According to the Manufactured Housing Institute (MHI) website this morning, Mr. Stegmayer is still shown as the Chairman of the Executive Committee board of directors. There is no word yet from MHI about this shakeup at Cavco, and how it may or may not impact his relationship with the Arlington, VA based trade association.
Cavco is the #3 producer of HUD Code manufactured homes, and produces modular and other factory built homes. A prior report is linked below.
Stegmayer has been interviewed by MHProNews at various times. One of those interviews is found at the link below.
The Daily Business News on MHProNews will monitor these developments, and report as significant issues develop. That’s factory-built housing “Industry News, Tips and Views That Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)
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