D.R. Horton, Inc. Appoints Benjamin S. Carson, Sr. as New Independent Director

Rhea-AI Summary

D.R. Horton (NYSE:DHI) has appointed Dr. Benjamin Carson as an independent director to its Board effective April 20, 2021. This appointment expands the Board from six to seven members, maintaining a majority of independent directors. Dr. Carson, a former Secretary of HUD, brings extensive experience in housing and community programs. His leadership is expected to enhance the Board's effectiveness, considering his background in affordable housing and economic opportunity initiatives. D.R. Horton is America's largest homebuilder by volume, operating in 90 markets across 29 states.

Positive

• Dr. Carson's appointment may provide new insights and leadership to the Board.
• His experience at HUD is expected to strengthen the company's initiatives in affordable housing.

Negative

• Potential concerns regarding continuity and experience gaps within the Board due to a new member's different background.

D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced today that its Board of Directors (the “Board”) has appointed Dr. Benjamin (“Ben”) S. Carson, Sr. as an independent director effective April 20, 2021. Dr. Carson was also named as a member of the Nominating and Governance, Audit and Compensation Committees. The appointment of Dr. Carson expands the size of the Company’s Board from six to seven directors, six of whom are independent directors.

Most recently, Dr. Carson served as the 17^th Secretary of the U.S. Department of Housing and Urban Development (HUD) from 2017 to 2021. At HUD, he led the agency in many innovative programs focused on advancing economic opportunity; providing safe, fair and affordable housing; spurring reinvestment in communities; reducing homelessness; assisting and promoting self-sufficiency to underserved and vulnerable populations; and helping disaster victims, while emphasizing fiscal responsibility and reductions of regulatory barriers. During his tenure as HUD Secretary, Dr. Carson also led the collaboration of eight federal agencies to establish the White House Council on Eliminating Regulatory Barriers to Affordable Housing.

Dr. Carson is a world-renowned neurosurgeon who prior to serving as HUD Secretary was involved with more than 15,000 surgical procedures and was the recipient of numerous awards, including the Presidential Medal of Freedom, more than 70 honorary doctorate degrees and the Spingarn Medal, the NAACP’s highest honor. Throughout his distinguished career, Dr. Carson contributed to the field of medicine through the thousands of surgeries he performed and the many leadership positions he held, including serving as Director of the Division of Pediatric Neurosurgery at The Johns Hopkins Medical Institutions from 1984 to 2013 as well a Professor of Neurological Surgery, Oncology, Plastic Surgery and Pediatrics at The Johns Hopkins Medical Institutions from 1999 to 2013. Dr. Carson also previously served terms on the Boards of Directors of both the Kellogg Company and Costco Wholesale Corporation. He received his B.A. from Yale University and his M.D. from the University of Michigan School of Medicine.

Donald R. Horton, Chairman of the Board, said, “I am pleased to welcome Dr. Ben Carson to our Board. The Company will benefit greatly from Ben’s intellect, life experiences and leadership skills, including his recent experience as HUD Secretary. Ben has been actively involved in programs directly related to U.S. housing, including homebuyer education and the need for affordable housing to improve the quality of life for families in America. We expect Ben to bring new perspectives that will enhance the effectiveness and composition of our Board.”

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 90 markets in 29 states across the United States and closed 71,168 homes in the twelve-month period ended December 31, 2020. 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 ranging from $150,000 to over $1,000,000. D.R. Horton also provides mortgage financing, title services and insurance agency services for homebuyers through its mortgage, title and insurance subsidiaries.

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FAQ

What is the significance of Dr. Carson's appointment to D.R. Horton?

Dr. Carson's appointment is expected to enhance the Board's effectiveness with his experience in housing and community programs.

When was Dr. Carson appointed to D.R. Horton's Board?

Dr. Carson was appointed as an independent director effective April 20, 2021.

How does Dr. Carson's experience benefit D.R. Horton?

His background as HUD Secretary brings insights into affordable housing and economic opportunities, which align with D.R. Horton's mission.

What changes occurred in the D.R. Horton Board structure?

The Board increased from six to seven members with the addition of Dr. Carson, maintaining a majority of independent directors.