The Ryland Group, Inc. (NYSE: RYL), one of the nation’s largest
homebuilders, today announced that R. Chad Dreier will retire as chief
executive officer of Ryland on May 29, 2009. Mr. Dreier will continue in
his role as chairman of the board of directors. Effective May 29, 2009,
Larry Nicholson will be promoted to the position of chief executive
officer becoming president and chief executive officer of Ryland.
“I am very excited about this orderly transition in the leadership of
our company and am grateful for the support given to me by the board of
directors in making this transition possible,” said Mr. Dreier. “Over
the course of his 12 years with Ryland, Larry has clearly demonstrated
his ability to assume the responsibilities of chief executive officer.
With Larry as president and chief executive officer, I look forward to
continuing as chairman of the board of directors as we continue to work
through this challenging time in the homebuilding industry.”
“We are grateful for Chad’s leadership and the many record milestones
achieved by Ryland during the 15 years he guided this company as chief
executive officer,” said Lead Director of the board of directors, Bill
Jews. “We look forward to Larry’s transition into the role of chief
executive officer and his leadership in determining Ryland’s future
direction as a leading national homebuilder.”
Mr. Dreier joined Ryland in November 1993 as president and chief
executive officer, becoming chairman of the board of directors in
December 1994. With more than 25 years of experience in the homebuilding
industry, Mr. Nicholson joined Ryland in 1996 as a vice president of
operations and subsequently ran the Greenville, S.C. and Orlando
divisions before his promotion to Southeast region president in 2004. He
was promoted to chief operating officer in June 2007 and president in
September 2008.
Headquartered in Southern California, Ryland is one of the nation’s
largest homebuilders and a leading mortgage-finance company. Since its
founding in 1967, Ryland has built more than 280,000 homes and financed
more than 235,000 mortgages. The Company currently operates in 15 states
and 19 homebuilding divisions across the country and is listed on the
New York Stock Exchange under the symbol “RYL.” For more information,
please visit www.ryland.com.
The Ryland Group, Inc.
Eric Elder, Senior Vice President
Marketing
and Communications (818) 223-7585
or
Drew Mackintosh, Vice
President
Investor Relations (818) 223-7548
