PulteGroup, Inc., one of America's largest homebuilding companies, announced that its Board of Directors has unanimously named Ryan Marshall, PulteGroup's President, as Chief Executive Officer effective immediately. Mr. Marshall, who has also become a member of the Board, succeeds Richard J. Dugas, Jr. who earlier this year announced his intent to retire.  Mr. Dugas will continue as Executive Chairman of the Board through the Company's 2017 annual meeting of shareholders.

"After a thorough evaluation of internal and external candidates, the Board determined that Ryan was clearly the best-qualified person to lead PulteGroup as it continues to implement its Value Creation strategy," said Patrick J. O'Leary, leader of the independent five member CEO search committee of the PulteGroup Board. "Over his more than 15 year career at PulteGroup, Ryan has proven to be an outstanding leader with demonstrated success in managing homebuilding operations through all stages of the housing cycle."

Mr. Marshall said, "I am honored to lead this great organization and excited about the tremendous opportunities PulteGroup has for ongoing success.  Our diversified geographic footprint and broad product portfolio provide distinct competitive advantages that we will continue to leverage.  Reflecting on the significant operating and financial progress we have achieved over the past few years pursuing our Value Creation strategy, I am confident that we have the resources and the capabilities to further expand our share of the U.S. housing market while continuing to realize high returns on invested capital." 

Lead Independent Director James J. Postl added, "On behalf of the Board, I would like to thank Richard Dugas for his significant accomplishments as our Chief Executive Officer over the past 13 years, highlighted by the Value Creation strategy he helped launch in 2011. His passionate leadership and clear vision have positioned the Company to move ahead with new leadership from a position of strength."

"Ryan is a skilled operating executive who thinks strategically about long-term initiatives in the context of housing industry cycles, and I am delighted by his selection as PulteGroup's next CEO," said Mr. Dugas. "I am confident that PulteGroup will continue to make strides under Ryan's leadership, and I look forward to working with him through a seamless transition."

Having managed many of the Company's largest operations during his tenure, Mr. Marshall has a deep understanding of the homebuilding business. Mr. Marshall most recently served as PulteGroup's President with responsibility for the Company's homebuilding operations and its marketing and strategy departments. Prior to being named President, Mr. Marshall was Executive Vice President of Homebuilding Operations. Other previous roles included Area President for the Company's Southeast Area, Area President for Florida, Division President in both South Florida and Orlando, and Area Vice President of Finance. In those roles, he has managed various financial and operating functions including financial reporting, land acquisition, and strategic market risk and opportunity analysis.

Mr. Marshall received a Bachelor of Arts in accounting from the University of Utah and a Master of Business Administration from Arizona State University. He is also a Certified Public Accountant.

PulteGroup, Inc. also said that William J. (Bill) Pulte has been appointed to its Board of Directors.  Mr. Pulte is the grandson of the Company's founder, William J. Pulte.

PulteGroup also reported that it has entered into an agreement with Company founder William J. Pulte and certain related parties.  The agreement provides, among other things, that the signatories will vote in favor of any Board nominees and against any nominees not nominated by the Board, so long as Bill Pulte serves on the Company's Board of Directors.  The signatories to the agreement own an aggregate of 30.7 million, or approximately 9.0%, of the currently outstanding shares of the Company.

"We are pleased to have a member of PulteGroup's founding family join our Board to contribute to the ongoing success of the Company," said James J. Postl, Lead Independent Director of PulteGroup's Board of Directors. "Bill has a broad background in the industry and is committed to working constructively with the Board and management for the benefit of all PulteGroup shareholders, as the Company continues to implement its Value Creation strategy."

Mr. Pulte said, "I am pleased with the constructive discussions that I have had with the PulteGroup Board and management team.  My grandfather and I fully support the Company's Value Creation strategy, and we are pleased with the Company's ongoing actions to enhance shareholder value.  We also welcome today's announcement that the Board has named Ryan Marshall as the Company's new CEO. I look forward to working with him and the other Board members as the Company continues to build long-term shareholder value." 

Since 2011, Mr. Pulte has served as CEO of Pulte Capital Partners LLC, an investment firm with no affiliation with PulteGroup that is focused on investing in housing supply, building products, and related service companies. Mr. Pulte also currently serves as CEO and Chairman of Carstin Brands LLC, a leading residential countertop manufacturer, and as a director of Olon Group Inc., a leading manufacturer for the cabinet industry. Prior to its sale in May 2016, Mr. Pulte built Southern Air & Heat LLC into one of the leading residential heating and air conditioning platforms in the United States.  Mr. Pulte is a graduate of Northwestern University.

Debra Kelly-Ennis to Retire from PulteGroup Board

PulteGroup also announced that, after two decades of service, Debra Kelly-Ennis will resign from the Board effective immediately.  "We have benefitted from Debra's insights and counsel for 20 years," said Mr. Postl.  "On behalf of the entire Board of Directors, I thank Debra for the numerous contributions she has provided during her time with the Company."