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Johnson Development Announces Promotion of Michael J. Smith to President and Chief Executive Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Johnson Development Corp. has appointed Michael J. Smith as President and CEO effective February 3, 2022, succeeding the late Larry D. Johnson, who founded the company in 1975. Smith, previously Co-President and COO, brings over two decades of industry experience. His leadership aims to build upon the strong foundation established by Larry Johnson. The company has developed numerous master-planned communities across major U.S. markets, including Houston and Dallas-Fort Worth. This leadership transition is expected to maintain continuity in the company’s vision and growth strategy.
Positive
Michael J. Smith's appointment is expected to bring fresh leadership and continued alignment with Larry Johnson's vision.
Long-standing industry experience of Michael J. Smith enhances confidence in management continuity and strategic direction.
Negative
Transition of leadership raises potential concerns about continuity and adaptation to Larry Johnson's absence.
HOUSTON--(BUSINESS WIRE)--
The Johnson Development Corp., one of the nation’s leading residential and commercial land development companies, announced that Michael J. Smith has been appointed the company’s President and Chief Executive Officer, effective February 3, 2022. Smith previously served as the company’s Co-President and Chief Operating Officer. Johnson Development was established in 1975 by Larry D. Johnson, CEO and Chairman, who passed away in January.
Michael J. Smith (Photo: Business Wire)
“Larry and Michael have worked hand in hand for many years moving the company forward. Our family has the utmost confidence that Michael will continue and build upon Larry’s vision,” said Suzie Johnson, wife of Larry D. Johnson and Chairman of the Johnson Family Estate.
Mr. Smith joined Johnson Development in March of 2000. During his decades-long career, he has managed several large-scale, master-planned communities and has extensive professional experience in the large-scale land and community development business. He holds a Bachelor’s Degree in Engineering from Texas A&M University and a Master’s Degree in Business Administration. He is a member of the Urban Land Institute, the Greater Houston Home Builders Association, the National Association of Home Builders, Rotary Club International and various Economic Development Organizations. Smith is also a proud veteran of the US Army.
"Through his leadership and vision, Larry Johnson put the company on solid ground and set it up for future success,” said Gary Berman, President and CEO of Tricon Residential, strategic partner of The Johnson Companies LP. “For over a decade now, Tricon has partnered with Johnson Development to deliver numerous successful master-planned communities that put people first and take a sustainable approach to development. Johnson’s reputation for excellence and creating long-term value are embedded throughout the organization, and we remain highly confident that its executive management team will continue to lead Johnson in this spirit.”
"I am honored to serve as the new President and Chief Executive Officer of Johnson Development. Having worked under the leadership of Larry Johnson for many years, he set the groundwork for the future and left us well prepared to take the company he founded to the next level. His vision transcends his passing, and we have the tools, the capital and the right people in place to extend his vision and build on the foundation he established long ago. Together with our team, I look forward to leading Johnson Development to continued success in the years ahead,” Smith said.
The Johnson Development Senior Executive team includes: Kirk W. Boswell, Senior Vice President Finance; Elizabeth F. York, Senior Vice President and General Counsel; and Terry L. Henderson, Chief Financial Officer.
About Johnson Development
Johnson Development is a nationally recognized, award-winning residential and commercial land development company. Since 1975, the company has set the standard for successful master-planned communities in Houston, Atlanta, Austin, Dallas-Fort Worth and other markets around the country. Johnson Development’s impressive collection includes the Houston-area communities of Riverstone, Sienna, Woodforest, Cross Creek Ranch, Grand Central Park, Veranda, Harvest Green, Imperial, Edgewater, Cross Creek West, Jordan Ranch and Tuscan Lakes. The company also is developing Viridian and Trinity Falls in Dallas-Fort Worth, Lake Arrowhead in Atlanta, and Bryson in the Austin-area. An affiliate of Johnson Development — Johnson Development Services — manages development of boutique communities within the Johnson portfolio, including Amira and Candela. For more information on Johnson Development, visit www.johnsondevelopment.com.
About Tricon Residential Inc.
Tricon Residential Inc. (NYSE: TCN; TSX: TCN) (“Tricon”), an owner and operator of 35,000 single-family rental homes and multi-family rental apartments in the United States and Canada, is the strategic partner in The Johnson Companies LP. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.
