Cavco Industries Announces Latest Executive Level Changes

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In a media release, Cavco Industries (CVCO) has notified the Daily Business News on MHProNews of their latest executive changes.  Industry watchers see signs that the moves continue to be efforts to rebuild investor confidence in a firm rocked last November by the sudden departure of Joe Stegmayer as Chairman and Chief Executive Officer (CEO), following a subpoena from the Securities and Exchange Commission (SEC) over alleged irregularities.

The meat of their release on is as follows, and will be accompanied by additional insights, observations, and analysis not found in the current GlobeWire release.  Publication of this release should not be construed to be a reflection for or against their firm or its stock.

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Cavco Industries Names William Boor Chief Executive Officer

April 02, 2019 17:15 ET | Source: Cavco Industries, Inc.

Acting CEO Daniel Urness to resume former role of Chief Financial Officer

Steven Bunger assumes non-executive Chair of the Board responsibilities

Richard Kerley appointed Audit Committee Chair

Cavco Industries, Inc. (NASDAQ: CVCO) (“the “Company”) today announced that its Board of Directors (the “Board”) has appointed William Boor as Chief Executive Officer (“CEO”), effective April 15, 2019. Mr. Boor will succeed Daniel Urness, who served as President and Acting Chief Executive Officer since November 2018. Mr. Urness will resume his former role of Executive Vice President, Chief Financial Officer and Treasurer, also effective April 15, 2019.

Mr. Boor assumes his new role as CEO with over 10 years of experience with Cavco, most recently serving as non-executive Chairman of the Board for the Company. Mr. Boor joined Cavco as an independent member of the Board in 2008. Several years prior to his service on the Cavco Board, Mr. Boor held the position of Vice President, Corporate Development at Centex Corporation while Cavco was a subsidiary of Centex. During that tenure, Mr. Boor worked on developing and implementing Cavco’s business strategy and participated in its eventual spin-off in 2003.

As CEO, Mr. Boor will be responsible for day-to-day leadership of the Company.

Mr. Boor will remain a member of the Company’s Board of Directors. The Board has named independent Board member Steven Bunger to serve as the Company’s new non-executive Chair of the Board. Richard Kerley has been appointed Chairman of the Audit Committee. Both of these Board appointments are effective immediately.

“After thoughtful consideration of options to strengthen the management team, the Board concluded Bill is the right choice to assume the CEO role,” commented Mr. Bunger, new non-executive Chair of Board. “Bill is a strong and proven leader, who has a successful track record of managing large, complex businesses and working across a range of executive roles in public companies. His significant knowledge and insights into Cavco’s business, from his tenure on the Board and previous strategic work with the company, provide the immediate and long-term ability needed to lead the execution of our strategic plan and focus on operational excellence.”

“The Board would like to thank Dan Urness for his leadership and contributions over the last five months as Acting CEO during an important period of transition. We are pleased he will remain an important part of our leadership team,” commented Mr. Boor. “I’ve had the pleasure of working closely with Dan for many years while I was Chairman of the Audit Committee and I look forward to working closely with him in the coming years.”

Mr. Boor added, “Cavco’s strong track record speaks for itself and we remain very well-positioned for the future. I’m excited to have the opportunity to lead the Company’s next chapter, working closely with the Board, and the entire Cavco team, to help the Company deliver value to all stakeholders including customers, employees, partners, and investors.”

William Boor, Chief Executive Officer
Mr. 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, most recently assumed the role of non-executive Chairman of the Board. Most recently, Mr. Boor held the role of Chief Executive Officer of Great Lakes Brewing Company, a large craft brewery in Cleveland, Ohio, a position he has held since 2015. From 2007 to 2014, Mr. Boor served in various executive positions with Cliffs Natural Resources, Inc. (“Cliffs”), most recently serving as Executive Vice President – Corporate Development and Chief Strategy/Risk Officer and President-Ferroalloys. Among other roles prior to Cliffs, Mr. Boor held the position of Vice President, Corporate Development at Centex Corporation. During that tenure, Cavco was a subsidiary of Centex, and Mr. Boor worked on the Cavco strategy and its eventual spin-off in 2003. Mr. Boor earned an engineering degree from Penn State University and a Master of Business Administration degree from Harvard Business School. He is also a CFA charterholder.

Daniel Urness, Chief Financial Officer
Mr. Urness was Cavco’s Executive Vice President, Chief Financial Officer and Treasurer from April 2015 until August 2018, where he transitioned into the role of President and Acting Chief Executive Officer in November 2018. Mr. Urness also served as Cavco’s Vice President, Chief Financial Officer and Treasurer from January 2006 to April 2015 and as a director and/or officer of certain of Cavco’s major subsidiaries, including Palm Harbor Homes, Inc., Fleetwood Homes, Inc., CountryPlace Acceptance Corp. and Standard Casualty Company. Mr. Urness was also Cavco’s Interim Chief Financial Officer from August 2005 to January 2006, Corporate Controller from May 2005 to August 2005, financial consultant to the Company from June 2002 to May 2005 and Controller from May 1999 to June 2002. Prior to joining Cavco, Mr. Urness served as manager and staff accountant at Deloitte & Touche LLP for approximately six years.

Steven Bunger, Chair of the Board
Mr. Steven G. Bunger is an Independent Director of Cavco Industries, Inc. Mr. Bunger is currently President and Chief Executive Officer of Pro Box Portable Storage, Inc., a provider of portable storage solutions in Arizona, Colorado, and Oklahoma. From 2001 until December 31, 2012, he served as Chairman of the Board of Mobile Mini, Inc. the nation’s largest publicly-owned provider of portable storage containers and mobile offices. He was also the President and Chief Executive Officer of Mobile Mini Inc., having served in those capacities from 1997 to 2012. Mr. Bunger joined Mobile Mini in 1983 and held numerous positions with the company, including Vice President of Operations and Marketing and Executive Vice President and Chief Operating Officer.

Richard Kerley, Audit Committee Chairman
Mr. Kerley served as the Senior Vice President, Chief Financial Officer and member of the Board of Peter Piper, Inc., a privately-held pizza and entertainment restaurant chain, from November 2008 to December 2014, when he retired. Previously, Mr. Kerley served as the Chief Financial Officer of Fender Musical Instruments Corporation, from July 2005 to October 2008. From June 1981 to July 2005, Mr. Kerley was an audit partner with Deloitte & Touche LLP. Prior to becoming a partner at Deloitte & Touche LLP, Mr. Kerley served as an audit manager and staff accountant from August 1971 to June 1981. Mr. Kerley also currently serves on the board of The Providence Service Corporation, a publicly traded holding company whose subsidiaries provide high quality, technology-enabled healthcare services, and The Joint Corp., a publicly traded operator, manager and franchisor of chiropractic clinics. Mr. Kerley received a bachelor’s degree in accounting from Marshall University in 1971.

 

Looking Back…

Industry watchers and legal minds note that prior statements this year from Cavco reflected specific steps aimed at strengthening their perceived position with respect to whatever the SEC and shareholders plaintiffs’ attorneys are preparing.

For example, on the dates noted:

PHOENIX, Feb. 07, 2019 — Cavco Industries, Inc. (NASDAQ: CVCO) (“Cavco” or the “Company”) today announced that the Company has named Mickey R. Dragash (“Mick”) as Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary effective February 6, 2019.

In his new role, Mr. Dragash will lead Cavco’s legal and compliance functions. Mr. Dragash will also serve as a member of the Company’s Executive Management team and will report to Dan Urness, President and Acting Chief Executive Officer.

“Mick is an excellent addition to our leadership team,” commented Dan Urness, President and Acting Chief Executive Officer. “He is a proven executive with extensive experience in leading legal and compliance functions and supporting strategic initiatives across an organization. Mick’s thoughtful judgment and business-focused approach will be an asset as we continue to execute our growth strategy.”

“I am very pleased to have the opportunity to lead Cavco’s legal team and compliance function,” added Mr. Dragash. “I look forward to working closely with Dan, the leadership team, and the Board of Directors to build on the Company’s long-term success.”

Mickey R. Dragash’s Background

Mr. Dragash brings significant legal, compliance and operational experience to Cavco. From June 2015 to September 2017, Mr. Dragash served as Executive Vice-President, General Counsel and Corporate Secretary of Swift Transportation, Inc. (n/k/a Knight-Swift Transportation Holdings Inc. (“Swift”)). Prior to joining Swift, Mr. Dragash was Executive Vice-President, General Counsel and Chief Compliance Officer for Gordon Trucking, Inc. (n/k/a Heartland Express, Inc.) from 2013 to 2015. Mr. Dragash also served as Associate General Counsel for DHL Supply Chain Solutions from 2010 to 2013 and Assistant General Counsel at Walmart Stores, Inc. from 2004 to 2010. Mr. Dragash also worked in private legal practice as an Associate for the Ohio-based law firm Roetzel & Andress, LPA. Before entering the legal profession, Mr. Dragash worked in various business and operational capacities for both Yellow Freight Systems, Inc. and Roadway Express, Inc. (n/k/a YRC Worldwide, Inc.)

Mr. Dragash received his Bachelor of Arts degree from Baldwin-Wallace University (Ohio), obtained a Master of Science degree in Transportation Systems and Logistics Management from the University of Denver and acquired his Juris Doctorate from Ohio Northern University. Mr. Dragash is admitted to practice law in all state and federal courts of Indiana and Ohio. He is also admitted to the State Bar of Arizona as in-house counsel.

Also…

PHOENIX, Jan. 08, 2019 — Cavco Industries, Inc. (NASDAQ: CVCO) today announced that its Board of Directors (“Board”) appointed Susan L. Blount as an independent director of the Company’s Board. Ms. Blount, an experienced financial services executive, retired as Executive Vice President and General Counsel of Prudential Financial, Inc. in 2015, having served as General Counsel since 2005.

Ms. Blount’s appointment fills the vacancy on Cavco’s Board and brings its current membership to five directors, all of whom are independent. She will be a member of the Company’s Corporate Governance and Nominating Committee and the Company’s Compensation Committee.

“We are extremely pleased to welcome Susan Blount to our Board,” commented William Boor, non-executive Chairman of the Board of Cavco. “Susan’s accomplishments speak for themselves. She has significant and very relevant experience in strategy, corporate governance, risk and compliance in both the public and private sectors.”

Mr. Boor continued, “Susan’s addition reflects our commitment to enhance the Board’s capabilities and diversity. We look forward to getting the benefit of her insights, judgment and counsel, and we are confident that Susan will make a meaningful and very positive impact on our Company’s future success.”

“I am excited to join and begin to work with the Cavco Board as we move into 2019,” said Ms. Blount. “Cavco fills an important role in the US housing market and the Company has impressed me with its strong commitment to governance and focus on superior stockholder returns.”

“Ms. Blount is an outstanding addition to our Board,” added Daniel Urness, President and Acting Chief Executive Officer of Cavco. “Her public company and diverse corporate management experience will offer fresh perspectives and oversight to help our leadership team enhance long-term shareholder value.”

Susan L. Blount

From 2005 to 2015, Susan Blount served as General Counsel of Prudential Financial, Inc. (Prudential), a leading provider of insurance, retirement and asset management products and services. In that role, Ms. Blount led the company’s global law, compliance, business ethics and external affairs organization. During that time, Ms. Blount was a member of key senior management committees including the Office of the Chairman Group, the Enterprise Risk Committee and the Capital and Financial Controls Committee. Ms. Blount joined Prudential in 1985 as a staff attorney in the company’s commercial real estate organization. Before being appointed General Counsel, she held various positions of increasing responsibility, including Chief Investment Counsel, Vice President and Corporate Secretary, and Associate General Counsel and Head of Shareholder Service. Prior to joining Prudential, Ms. Blount was an Associate at Kirkland & Ellis.

In 2017, Ms. Blount was an Advanced Leadership Initiative Fellow at Harvard University. Since 2016, she has taught as an adjunct professor at the University of Texas School of Law. Ms. Blount is active in professional and community service. She currently serves on the University of Texas Law School Foundation, the Executive Committee of the Center for Women in Law and the Nantucket Historical Association. Ms. Blount has also served on the Boards of organizations such as Montclair State University, the Leadership Council for Legal Diversity, the Association of Corporate Counsel and the New Jersey Law and Education Empowerment Project. She has also been a faculty member at Stanford University’s annual Directors’ College and a participant in Stanford’s Institutional Investors Forum.

Ms. Blount graduated from The University of Texas at Austin with a bachelor’s degree in history and a juris doctor with honors.  

Shareholders Concerns

Some of the shareholders focused law firms that have announced “investigations” into Cavco are reflected in the screen capture, below.

CavcoIndustriesCVCOShareholdersInvestigationsDailyBusinessNewsMHProNews

 

Some might wonder why Joe Stegmayer is still Chairman of the Board at the Manufactured Housing Institute (MHI)?  See the screen capture below from their website this morning.

ManufacturedHousingInstiuteMHIboardofDirectors4.3.2019DailyBusinessNewsMHProNews

 

The trend lines per Bloomberg and others are sobering.  It is but one more example of the avoidable tragedies that manufactured housing represents. The industry should be soaring, and instead, it is snoring. Thoughtful people ask two questions.  ‘Why?’ and ‘Cui bono?’ Latin for, Who benefits?

BloombergCavco4.2.2019TickerDailyBusienssNewsMHProNews

 

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