Beazer Homes Loses CEO, But CFO Steps Up

FOXBusiness

Beazer Homes (NYSE:BZH) has appointed chief financial officer Allan Merrill as its new CEO, replacing Ian McCarthy, who has left the company and resigned from its board of directors.

Merrill, who has also been elected to the board of directors, has been the homebuilders head of finance for the past four years. Bob Salomon, who joined Beazer in 2008 as its chief accounting officer, will serve as his successor.

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Brian Beazer, the companys chairman, commended McCarthys role as chief executive and said he was pleased Merrill and Salomon accepted their new appointments.

Both possess many years of industry experience and have demonstrated a commitment to the success of our stakeholders, he said.

Merrill has been asked to conduct a thorough review of Beazers operations and potential growth opportunities, while implementing strategies to increase value to shareholders. The new company head said the company is leaving its fiscal expectations unchanged despite still challenging selling conditions in the new home market.

During his time as CFO, Merrill led efforts to recapitalize the companys balance sheet, which Beazer said increased equity, reduced debt and eliminated material debt maturities prior to 2015.

The new chief executive has more than 20 years of experience in executive positions directly related to the homebuilding and residential real estate industries.

Salomon has more than 25 years of financial management experience, 19 of which were in the homebuilding industry.