LGI Homes Announces Director Resignation

Rhea-AI Summary

LGI Homes, Inc. (NASDAQ: LGIH) announced the resignation of Laura Miller from its Board of Directors, effective immediately. Ms. Miller cited the need to focus on her responsibilities as CIO at Macy’s and other commitments. She expressed pride in LGI's achievements and confidence in the company's growth trajectory. CEO Eric Lipar acknowledged Ms. Miller's contributions and noted her expertise in cybersecurity was pivotal in modernizing the company's IT systems. LGI Homes is currently seeking a new independent director to fill Ms. Miller's position.

Positive

• Laura Miller's resignation allows for new perspectives on the Board.
• Continued emphasis on IT modernization, enhancing future growth potential.

Negative

• Loss of a board member may create a short-term leadership gap.
• Potential challenges in filling the vacancy with a qualified independent director.

THE WOODLANDS, Texas, Aug. 25, 2021 (GLOBE NEWSWIRE) -- LGI Homes, Inc. (NASDAQ: LGIH) today announced that Laura Miller is resigning from LGI Homes’ Board of Directors (the “Board”) so that she may focus her efforts on other professional responsibilities.

Ms. Miller commented, “I have decided it is the right time to transition off the Board and focus on my CIO responsibilities at Macy’s along with other demands on my time. I am extremely proud of everything LGI Homes has accomplished and am confident that the Company is well-positioned to continue its successful record of growth and industry-leading profitability.”

Eric Lipar, LGI Homes’ Chief Executive Officer and Chairman of the Board, said, “In addition to her excellent contributions on the Board, Laura’s extensive cybersecurity and other technology-related expertise played a significant role as we modernized our IT platforms to support our future growth. We thank Laura for all her contributions to LGI Homes and we wish her well in her future endeavors.”

LGI Homes, the Board and the Nominating and Corporate Governance Committee of the Board are currently evaluating alternatives with respect to appointing a new independent director to fill the vacancy created by Ms. Miller’s resignation.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia and Pennsylvania. Since 2018, LGI Homes has been ranked as the 10^th largest residential builder in the United States based on units closed. The Company has a notable legacy of more than 18 years of homebuilding operations, over which time it has closed more than 50,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.lgihomes.com.

CONTACT:

Joshua D. Fattor Vice President of Investor Relations (281) 210-2619 investorrelations@lgihomes.com

FAQ

What prompted Laura Miller's resignation from LGI Homes' Board?

Laura Miller resigned to focus on her CIO responsibilities at Macy's and other commitments.

What was Laura Miller's contribution to LGI Homes?

Laura Miller contributed significantly with her expertise in cybersecurity and technology, aiding LGI's IT modernization efforts.

How does LGI Homes plan to address the vacancy on the Board?

LGI Homes is currently evaluating alternatives to appoint a new independent director to fill the vacancy left by Laura Miller.

What impact could Laura Miller's resignation have on LGI Homes?

The resignation may initially create a leadership gap but allows for new perspectives and continued focus on IT advancements.