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Five Point Holdings, LLC Announces Appointment of Daniel Hedigan as Chief Executive Officer and Stepping Down of Lynn Jochim, President and Chief Operating Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Five Point Holdings (NYSE: FPH) announced the immediate appointment of Daniel Hedigan as Chief Executive Officer, following the departure of Lynn Jochim, effective February 14, 2022. Mr. Hedigan brings over 40 years of experience in residential real estate, most recently as President of Land Sales & Home Building at the Irvine Company. He aims to enhance business efficiency and activate commercial land opportunities at Five Point. Jochim will continue supporting the company as an advisor for three years.
Positive
Daniel Hedigan's extensive experience in residential real estate may drive strategic growth.
Hedigan's focus on cost structures can enhance profitability and shareholder value.
Continued advisory support from Lynn Jochim can ensure stability in leadership.
Negative
Leadership transition might create short-term uncertainty among investors.
IRVINE, Calif.--(BUSINESS WIRE)--
Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in coastal California, today announced the appointment of Daniel Hedigan as Chief Executive Officer of the Company, effective immediately, and that Lynn Jochim, President and Chief Operating Officer, will step down, effective as of February 14, 2022.
Mr. Hedigan is an industry veteran with over 40 years of experience in the residential real estate sector and extensive expertise in mixed-use planned communities. Most recently, Mr. Hedigan served as President of Land Sales & Home Building at the Irvine Company from 2013 to 2021, where he oversaw all aspects of development, including oversight of design professionals, project managers, construction and customer service teams, sales and marketing teams. Mr. Hedigan holds a J.D. and Master’s Degree in Economics from the University of California, Los Angeles, and a B.A. in Economics and Political Science from the University of California, Irvine.
Stuart Miller, Executive Chairman of Five Point, said, “I am delighted to welcome Dan to Five Point at this pivotal time. Dan brings with him invaluable expertise from his many years at one of the country’s largest planned community developers. He will bring an excellent balance of management skills and experience, with a focus on right-sizing our cost structures to fit the size and scale of our business, monetizing our significant land holdings, and driving shareholder value. Under Dan’s leadership, Five Point will be well-positioned to plan and build our leading sustainable mixed-use communities.”
Mr. Hedigan said, “I am thrilled to join Five Point and excited for the opportunities and challenges ahead. I look forward to working with Stuart and the rest of the management team to build upon our business practices and efficiencies, so that we can drive bottom line performance. In addition to the considerable residential homesites remaining in our communities, I look forward to activating our substantial commercial land opportunities as well.”
Also on February 9, 2022, the Company announced that Lynn Jochim, President and Chief Operating Officer, is stepping down, effective as of February 14, 2022. Given her extensive background and long-time experience with the Company and its communities, Ms. Jochim has agreed to assist the Company going forward under an advisory agreement with a term of three years.
Mr. Miller said, “We very much value and appreciate Lynn’s leadership over the past 12 years, playing a key role in the development of Great Park in Irvine and Valencia in Los Angeles County, two of the most vibrant and sustainable communities in the country. Lynn has helped to establish a strong foundation for future success, and we look forward to her continued input as a valued advisor to the Company in the coming years.”
About Five Point
Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods® in Irvine, Valencia® (formerly known as Newhall Ranch®) in Los Angeles County, and Candlestick® and The San Francisco Shipyard® in the City of San Francisco. These communities are designed to include approximately 40,000 residential homes and approximately 23 million square feet of commercial space.
What changes occurred in Five Point Holdings' management?
Five Point Holdings appointed Daniel Hedigan as CEO, with Lynn Jochim stepping down as President and COO, effective February 14, 2022.
What experience does Daniel Hedigan bring to Five Point Holdings?
Daniel Hedigan has over 40 years of experience in the residential real estate sector, previously serving as President of Land Sales & Home Building at the Irvine Company.
What is Lynn Jochim's role after stepping down?
Lynn Jochim will assist Five Point Holdings as an advisor for a term of three years.
What is Daniel Hedigan's focus as CEO of Five Point Holdings?
Hedigan's focus includes optimizing cost structures, monetizing land holdings, and driving shareholder value.
