Centex Corporation Announces Retirement of Chairman and CEO Laurence Hirsch And Names Timothy Eller as Successor
2004年1月7日 - 6:43AM
PRニュース・ワイアー (英語)
Centex Corporation Announces Retirement of Chairman and CEO
Laurence Hirsch And Names Timothy Eller as Successor Hirsch to
Remain Chairman of Centex Construction Products, Inc. Post Spin-Off
DALLAS, Jan. 6 /PRNewswire-FirstCall/ -- Centex Corporation
announced today that Laurence E. Hirsch, 58, Centex's Chief
Executive Officer since 1988 and its Chairman of the Board since
1991, will retire from both positions effective March 31, 2004 --
the end of the company's current fiscal year. Timothy R. Eller, 55,
Centex's current President and Chief Operating Officer, has been
elected by the Board to succeed Mr. Hirsch. In addition to becoming
Chairman and Chief Executive Officer, Mr. Eller will retain the
titles of President and Chief Operating Officer. Mr. Eller joined
Centex Homes' Illinois operation in 1973 and advanced through the
Homes' organization in positions of increasing responsibility,
including Project Manager, Division President and Executive Vice
President. He became Centex Homes' President and Chief Executive
Officer in 1991 and its Chairman in 1998, prior to his election as
President and Chief Operating Officer and a Director of Centex
Corporation in 2002. Fred M. Poses, Centex Corporation's lead
director, said, "Tim Eller has been a principal architect of the
company's success and the Board is confident he will lead Centex to
continued success in the coming years." In announcing that he will
retire from Centex, Mr. Hirsch noted, "I have been privileged to be
Centex's CEO for 16 years as the company has grown to become one of
the nation's premier housing and housing services companies. Today,
Centex has a skilled management team, significant financial
strength and a dynamic, ethical and moral company culture. I am
proud to pass the CEO baton on to Tim, a gifted and experienced
executive who will lead Centex Corporation to the next level of
profitability and industry prominence." Mr. Eller commented,
"Larry's legacy at Centex is defined by the achievement of
exceptional business results within the atmosphere of a values-
driven company culture. Centex is extremely well-positioned for the
future, both operationally and financially. I am honored to have
this opportunity to lead our employees as we continue to work
together to enhance shareholder value." Mr. Poses added, "The Board
expresses its profound gratitude to Larry Hirsch for his
inspirational leadership and strategic and other contributions he
has made to Centex since he joined as President and Chief Operating
officer in 1985. During that time, Centex's annual revenues have
increased from $1.2 billion to a projection of more than $10
billion in the current fiscal year. Net earnings have risen from
less than $40 million to a projection of more than $712 million
this year, and Centex's stock price, which currently is in excess
of $100 per share, has increased more than 20-fold." Mr. Hirsch
will continue to serve as Chairman of the Board of a separate
company currently known as Centex Construction Products, Inc.
(NYSE:CXP). Centex's equity interest in CXP, which currently totals
about 65% of CXP's outstanding shares, is being distributed to
Centex stockholders on a tax-free basis on January 30, 2004. At
that time, the company will change its name to Eagle Materials,
Inc. After the distribution, the company's shares will be traded on
the NYSE under the symbol "EXP" and "EXP.B". Dallas-based Centex
Corporation, through its subsidiaries, ranks among the nation's
largest home builders, non-bank affiliated retail mortgage
originators and general contractors. Centex also consistently ranks
on FORTUNE magazine's list of "America's Most Admired
Companies(TM)." Forward-Looking Statements. This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. Forward-looking statements may be identified by the
context of the statement and generally arise when the Company is
discussing its beliefs, estimates or expectations. These statements
are not guarantees of future performance and involve a number of
risks and uncertainties. Actual results and outcomes may differ
materially from what is expressed or forecast in such
forward-looking statements. The principal risks and uncertainties
that may affect the Company's actual performance and results of
operations include the following: general economic conditions and
interest rates; the cyclical and seasonal nature of the Company's
businesses; adverse weather; changes in property taxes and energy
costs; changes in federal income tax laws and federal mortgage
financing programs; governmental regulations; changes in
governmental and public policy; changes in economic conditions
specific to any one or more of the Company's markets and
businesses; competition; availability of raw materials; and
unexpected operations difficulties. These and other factors are
described in the Company's most recent Annual Report on Form 10-K
for the fiscal year ended March 31, 2003 and its Quarterly Report
on Form 10-Q for the fiscal quarter ended June 30, 2003, each of
which is filed with the Securities and Exchange Commission. CPLBF
http://www.newscom.com/cgi-bin/prnh/20020403/CTXHIRSCH DATASOURCE:
Centex Corporation CONTACT: Laurence E. Hirsch, Chairman and Chief
Executive Officer, or Matthew G. Moyer, Vice President-Investor
Relations, or Sheila E. Gallagher, Vice President-Corporate
Communications, all of Centex Corporation, +1-214-981-5000 Web
site: http://www.centex.com/
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