Legacy Housing Corporation (LEGH) Announced last week several changes to their leadership team. Those shifts and additions were described in a press release which is posted below. It includes the addition of Duncan Bates as their new president and chief executive officer (CEO), with co-founder Kenneth “Kenny” Shipley moving into the executive vice president slot and retains his board position. Following the Legacy press release to MHProNews and others in media are additional linked and other information, analysis and commentary in brief. The business daily manufactured housing equities and our time-saving left-right headlines recap follow those items.
The photos below are not in the Legacy release but were added by MHProNews.
Legacy Housing Corporation Announces Appointment of Duncan Bates as President and Chief Executive Officer
June 08, 2022 17:00 ET | Source: Legacy Housing Corporation
BEDFORD, Texas, June 08, 2022 (GLOBE NEWSWIRE) — Legacy Housing Corporation (the “Company,” NASDAQ: LEGH) today announced that Duncan Bates, a member of the Company’s Board of Directors and Senior Vice President, Mergers & Acquisitions of Arcosa, Inc. (NYSE: ACA), has been appointed President and Chief Executive Officer, effective June 7, 2022.
Curt Hodgson, Executive Chairman of Legacy, stated: “I am thrilled to name Duncan as the President and CEO of Legacy. He brings a wealth of knowledge and experience in corporate finance and capital allocation that will assist us in operating as a public company and strategically growing our business. Duncan has a proven track record of leadership and is an important step in Legacy’s succession plan.”
Mr. Bates replaces Kenny Shipley, who, as part of the management reorganization, will remain with Legacy as Founder and Executive Vice President. Mr. Shipley will also remain a member of the Company’s Board of Directors (the “Board”). Mr. Bates resigned from the Company’s Board effective June 7, 2022. Effective June 7, 2022, Francisco Coll was appointed to the Company’s Board as an Independent Director and will also serve on the Audit Committee.
Mr. Hodgson added, “We are excited that Kenny remains a key part of our team, and I look forward to the new roles both Duncan and Francisco will play in the leadership of Legacy.”
Duncan Bates Bio
Duncan (34) most recently served as Senior Vice President, Mergers & Acquisitions of Arcosa Inc., a publicly traded infrastructure products company, since August 2018. Under his leadership, Arcosa executed 16 acquisitions and 2 divestitures in a 3.5-year period to reposition its portfolio around growth-oriented, high-margin products. Previously, he served as a Vice President in the Industrials Investment Banking Group at Stephens Inc. from June 2015 to August 2018. From February 2012 to June 2015, he worked in the Energy Investment Banking Group at Seaport Global Securities, LLC. Mr. Bates began his career in New York at Willis Re Inc. in July 2010. Duncan received his B.S. Management degree with a double major in Finance and Legal Studies from Tulane University.
Francisco Coll Bio
Francisco (37) was appointed to our Board of Directors on June 7, 2022. He has served as the President of Universal Air Conditioner, Inc., a wholesale distributor of aftermarket auto parts, since March 2015. Previously, he was the US Head of Sales for BTG Pactual, a Brazilian investment bank and asset manager that operates throughout Latin America, from March 2011 until March 2015. Mr. Coll began his career at UBS Investment Bank in the sales & trading and wealth management rotational program in July 2007. Francisco received his B.S. degree in East Asian Studies with a minor in Financial Economics from Vanderbilt University.
About Legacy Housing Corporation
Legacy Housing Corporation builds, sells and finances manufactured homes and “tiny houses” that are distributed through a network of independent retailers and company-owned stores. The Company also sells directly to manufactured housing communities. Legacy is the sixth largest producer of manufactured homes in the United States as ranked by number of homes manufactured based on the information available from the Manufactured Housing Institute. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 390 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms. Our homes range in price, at retail, from approximately $22,000 to $140,000.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Securities and Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance may differ materially from anticipated results or performance. Legacy Housing undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law. Investors should not place any reliance on any such forward-looking statements.
Shane Allred, (817) 799-4900
Duncan Bates, (817) 799-4837
Kira Hovancik, (817) 799-4905
Additional Information, More MHProNews Insights, Analysis, and Commentary in Brief
Regular MHProNews readers recall the recent Legacy Housing related headline and topic found in the report linked below.
ICYMI or need a refresher, click the link above.
Legacy has long followed a unique path in MHVille. They are reportedly an MHI member but are apparently not part of the ‘in’ crowd there that routinely carries water for the consolidating industry insiders.
Curtis “Curt” D. Hodgson has made statements that when objectively considered are arguably a slam at the go along to get along path that many of his peers have followed. For example, consider the following pull quotes by Hodgson.
It isn’t that Hodgson is alone in having made such remarks, but some of the others that have said something have quickly gone silent after they realized that their remarks were an ill reflection on MHI.
What are some of those limiting factors that Hodgson’s quote above point toward? Hodgson has spelled it out along with Legacy’s plan for dealing with it.
There are others in manufactured housing production who are vertically integrated – as is Legacy – that are doing development to address the ‘place to put’ issue. That said, one question that Legacy has not publicly addressed is connected to the issue of the Manufactured Housing Improvement Act of 2000 (MHIA) and its enhanced preemption clause. Given that Hodgson is an attorney, it seems likely that he understands the concept. Are he and Legacy’s leadership waiting for some specific occurrence before coming out and making a public statement on this hot-button issue? Would Legacy be willing to lead on some of the issues that MHI may voice complaints about but in practice doesn’t act legally to enforce?
Perhaps time will tell. What change, if any, may occur with Bates in his new role will be worth monitoring. What is certain is that Shipley and Hodgson did not back down when confronted by the most potent and lethal rival in manufactured housing; namely, Clayton Homes.
Meanwhile, in recent years, Cavco Industries and Skyline Champion have arguably played footsie with Clayton, working essentially in lockstep. Who says? Outsiders looking in and insiders willing to speak candidly about what they see.
Stay tuned for more from your best source for objective, factual, cogent analysis and commentary found exclusively on MHProNews and MHLivingNews.
Programming NOTICEs: there will be special reports on the latest from MHI, their position on the “House on the Hill” event, and more on MHI’s arguably bizarre behavior with respect to the DOE Energy Rule. The latest from MHARR in response to those moves are also on tap. Stay tuned for those and more in the days ahead.
U.S. Census Bureau Updated HUD Code Manufactured Housing Sales Price Data Nationally, by U.S. Regions – ‘Elites Hate Lower Income Americans and Manufactured Homes, Which They Deny But Prove at Every Turn
Next up is our daily business news recap of yesterday evening’s market report, related left-right headlines, and manufactured housing connected equities.
The Business Daily Manufactured Home Industry Connected Stock Market Updates. Plus, Market Moving Left leaning CNN and Right-leaning (Newsmax) Headlines Snapshot. While the layout of this daily business report has been evolving over time, several elements of the basic concepts used previously are still the same. For instance. The headlines that follow below can be reviewed at a glance to save time while providing insights across the left-right media divide. Additionally, those headlines often provide clues as to possible ‘market-moving’ news items.
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Headlines from left-of-center CNN Business – from the evening of 6.15.2022
- Historic rate hike
- Fed raises interest rates by three-quarters of a percentage point in boldest move since 1994
- LIVE UPDATES And now the stock market LOVES the Fed news
- Jerome Powell’s transformation from dove to hawk is nearly complete
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- Fact-checking Biden’s claim that Putin shares blame for inflation
- End of an era: Microsoft retires Internet Explorer
- Why gas prices always end in 9/10 of a cent
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- Ford recalls 2.9 million vehicles that could roll away when placed in park
- Retiring into a bear market: What to do, what to avoid
- An aerial photo made with a drone shows a house for sale in Round Lake Heights, Illinois, USA, 21 January 2021.
- Here’s how today’s rate hike will impact you
- Bill Gates says crypto and NFTs are a sham
- RSVP NOW Fueling the next generation of Black leadership
- Join our livestream discussion on Thursday with Walgreens Boots Alliance CEO Rosalind Brewer and CNN’s Stephanie Elam
- Tesla sign is seen at a store in Sunnyvale, California, United States on September 25, 2021. Tesla Inc (TSLA) Chief Executive Elon Musk announces the electric carmaker will move its headquarters from Silicon Valley’s Palo Alto, California to Austin, Texas. Tesla joins Oracle, Hewlett Packard Enterprise and Toyota Motor in moving U.S. headquarters to Texas from California, which has heavier taxes, higher real estate price and costs of living.
- Tesla stock is about to get much cheaper
- Credit Suisse CEO blasts takeover rumor
- Welcome to the year of the bear
- Wall Street’s blank-check boom has gone bust
- Wall Street’s top cop proposes massive changes to the stock market
- Retiring into a bear market: What to do, what to avoid
- How retirees are getting hit by inflation
- Here’s how to retire long before your 60s
- Quit your job? Here’s what to do with your 401(k)
- These retirement bills let older workers put even more into their 401(k)s
Headlines from right-of-center Newsmax 6.15.2022
- Federal Reserve Tackles Inflation With Biggest Rate Hike Since 1994
- The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point – its largest hike in nearly three decades – and signaling more large rate increases to come. [Full Story]
- Russian Invasion of Ukraine
- Russia Claims Destruction of NATO Weapons Warehouse in Ukraine
- White House Expected to Announce $1B in Weapons for Ukraine
- France’s Macron: Ukraine President Will Have to Negotiate With Russia at Some Point
- Ukraine’s Need for More Weapons Major Focus as Defense Ministers Meet
- Russia Says It Rejects Ideology of Limited Nuclear War: RIA
- Donbas Battle Will Determine Course of War: Zelenskyy
- Russia Bans 29 British Journalists, Along With Defense Figures
- Ukraine Dismantling Pro-Russian Political Parties
- More Russian Invasion of Ukraine
- Newsmax TV
- Comer: Lawyer’s $2M Loan to Hunter Biden Raising Concerns | video
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- Comer to Newsmax: Biden’s Hoover-Trump Comparison for Job Creation ‘Not True’ | video
- Warner: Invasion of Taiwan Would Disrupt Semiconductor Production | video
- Trump Cheers Primary Wins in South Carolina, Nevada
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- WHO Investigating Possibility Monkeypox is Sexually Transmitted
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- Energy Execs: 2030 Too Soon to Go Green
- Energy company officials on Wednesday urged using shorter-term [Full Story]
- Megyn Kelly to Newsmax: Fox News Trans Kid Story ‘Irresponsible’ to Air
- Former Fox News host Megyn Kelly ripped into her former network [Full Story] | video
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- Anthony S. Fauci, director of the National Institute of Allergy and [Full Story]
- San Francisco Recalls Progressive DA in Warning to Others
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- Report: FBI Condemns Ex-Official’s Conduct While Investigating Trump-Russia
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- Are North Korea, Iran Better Positioned to Win Nuclear War?
- Nuclear war may well be more “winnable” for a totalitarian state than [Full Story] | Platinum Article
- What the Fed Rate Hike Means
- The U.S. Federal Reserve’s big interest rate hike on Wednesday — and [Full Story]
- Gallup: 50 Percent Say US Has Poor Moral Values
- A record-high 50% of Americans rate the overall state of moral values [Full Story]
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- The Federal Reserve on Wednesday intensified its drive to tame high [Full Story]
- Cathy McMorris Rodgers Blames Biden, Democrats for Energy Price Hikes
- House Energy and Commerce Committee Republican leader Cathy McMorris [Full Story]
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- President Joe Biden’s public approval rating fell to 39% in its third [Full Story]
- Abortions Increased in 2020, Reversing 30-Year Decline
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- American researcher Christopher Balding claims he uncovered evidence [Full Story]
- US Supreme Court Spurns GOP Bid to Defend Trump Immigration Rule
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- Tesla, Honda Among Those to Report Advanced Driving Systems Vehicle Crashes
- Tesla Inc. reported 273 vehicle crashes involving advanced driving [Full Story]
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- Taiwan: China Attacking Would Hurt Global Economy More Than Ukraine
- Taiwan’s top trade negotiator warned that if China were to attack the [Full Story]
- Montana Governor Declares Disaster as Historic Floods Sweep Yellowstone
- Emergency crews scrambled on Tuesday to reopen roads and restore [Full Story]
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- Kentucky’s Republican attorney general went to court Tuesday claiming [Full Story]
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- The Ukrainian governor of Luhansk confirmed Tuesday that the Russian [Full Story]
- NY High Court Nixes Trump Appeal, Clearing Way for Testimony
- New York’s highest court on Tuesday rejected former President Donald [Full Story]
- US Extends Sanctions Exemption for Energy Payments to Russia
- Washington said Tuesday it will continue to allow payments to Russia [Full Story]
- Energy Execs: 2030 Too Soon to Go Green
- Energy company officials on Wednesday urged using shorter-term solutions such as energy efficiency and conservation as the world makes the transition to renewable energy, saying companies must scramble to meet climate targets set for 2030…. [Full Story]
- JPMorgan Raises Prime Lending Rate to 4.75%
- Spotify to Slow Hiring by 25 Percent
- Wall St Rallies After Dismal Week, as Fed Decision Looms
- Inflation Latest Tough Dish for US Hospitality Industry
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- More than 14 percent of the world’s population has had Lyme disease, the most common tick-borne illness, according to a major review of the available research published on Tuesday…. [Full Story]
- Study: Optimistic Women More Likely to Live Past 90
- Study: Taste Genes Explain Food Preferences and Aversions
- FDA to Vote on COVID Vaccines for Children as Young as 6 Months
- Lyme Disease is on the Rise: How to Protect Yourself
MHProNews has pioneered in our profession several reporting elements that keep our regular and attentive readers as arguably the best informed in the manufactured housing industry. Among the items shared after ‘every business day’ (when markets are open) is our left-right headline recap summary. At a glance in two to three minutes, key ‘market moving’ news items are covered from left-of-center CNN Business and right-of-center Newsmax. “We Provide, You Decide.” © Additionally, MHProNews provides expert commentary and analysis on the issues that others can’t or won’t cover that help explain why manufactured housing has been underperforming during the Berkshire era while an affordable housing crisis and hundreds of thousands of homeless in America rages on. These are “Industry News, Tips, and Views Pros Can Use” © features and others made and kept us the runaway #1 in manufactured housing trade publisher for a dozen years and counting.
Manufactured Housing Industry Investments Connected Equities Closing Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates
‘Announcing!’ ‘Manufactured Community Owners’ Association of America’ ‘Finally Bringing Fight To Manufactured Home Community Sector of the Industry’ – plus Sunday Weekly Manufactured Housing Headlines Review
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing and have completed over a dozen years of serving the industry as the runaway most-read trade media.
Sample Kudos over the years…
It is now 12+ years and counting…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.