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D.R. Horton, Inc. Announces Passing of Board Member Michael W. Hewatt
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
D.R. Horton, Inc. (NYSE:DHI) announced the passing of longtime Board member Michael W. Hewatt on August 25, 2022. Mr. Hewatt joined the Board in 2005 and significantly contributed to the company’s growth, efficiency, and shareholder returns during his tenure. His leadership as the Chair of the Audit Committee spanned over a decade. The company expresses its gratitude for his service and extends condolences to his family. D.R. Horton remains a leading homebuilder in the U.S., having closed 81,469 homes in the year ending June 30, 2022.
Positive
Strong leadership history by Michael Hewatt, contributing to company growth.
Improvements in capital efficiency and returns to shareholders during tenure.
Negative
Potential leadership gap following the passing of a long-serving board member.
Concerns about continuity and experience in the Audit Committee leadership.
ARLINGTON, Texas--(BUSINESS WIRE)--
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, sadly announces that Michael W. Hewatt, a longtime member of the Company’s Board of Directors, passed away on August 25, 2022. Mr. Hewatt joined the D.R. Horton Board in 2005 and served as the Chair of the Audit Committee for over a decade. During Mr. Hewatt's tenure on the Board, the Company navigated multiple housing cycles and experienced tremendous growth, while significantly improving its capital efficiency, balance sheet strength and returns to shareholders. The Company greatly appreciates Mr. Hewatt’s many contributions and expresses its deepest condolences to his family.
Donald R. Horton, Chairman of the Board, said, “We are sad to announce the passing of our friend and longtime board member, Mike Hewatt. We are thankful for Mike’s dedicated service to the Company for so many years. He will be greatly missed by the D.R. Horton family.”
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 105 markets in 33 states across the United States and closed 81,469 homes in the twelve-month period ended June 30, 2022. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes with sales prices generally ranging from $200,000 to over $1,000,000. Through its mortgage, title and insurance subsidiaries, D.R. Horton provides mortgage financing, title services and insurance agency services for its homebuyers. The Company also constructs and sells both single-family and multi-family rental properties and is the majority-owner of Forestar Group Inc., a national residential lot development company.
