DR Horton, Inc., America’s Builder, Appoints Paul J. Romanowski as Co-Chief Operating Officer
ARLINGTON, Texas, September 30, 2021– (COMMERCIAL THREAD) – DR Horton, Inc. (NYSE: DHI), America’s Builder, today announced the promotion of Paul J. Romanowski to Executive Vice President and CoO, effective effective October 1, 2021. In this capacity, Paul will share oversight of the company’s residential construction operations nationwide with Michael J. Murray, Executive Vice President and Co-COO.
Since the Company introduced a COO role in 2013, its footprint has grown from 78 markets in 27 states to 96 markets in 30 states today. During this same period, the volume of the Company’s annual closures more than tripled to reach over 81,000 closed homes expected in fiscal 2021, resulting in an increase in the Company’s domestic market share of about 6% to almost 10%.
Donald R. Horton, Chairman of the Board, said, “Paul has been a vital member of the DR Horton leadership team for over 20 years. This internal promotion underscores the strength and depth of DR Horton’s leadership and will support the company’s continued expansion, our operations, volume growth and market share consolidation across the country. “
Paul joined DR Horton in 1999 as president of the company’s South Florida division. In 2014, he was promoted to region president overseeing all of the DR Horton residential construction divisions in Florida and the Gulf Coast, which accounted for approximately 22% of the company’s residential construction revenue and 24% of its homes closed during of the year 2020. In 2019, its oversight responsibilities were broadened to also include the Company’s activities in five mid-Atlantic states. Prior to joining DR Horton, Paul worked for Metrostudy and in land acquisition for another public home builder. He graduated from Butler University in 1992 with a Bachelor of Business Administration in Marketing.
David V. Auld, President and CEO, said, “We welcome Paul to his new role as Co-CEO. He has been instrumental in leading our Florida region for the past seven years, and his extensive experience in home construction operations will strengthen our leadership. team.”
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although DR Horton believes these statements are based on reasonable assumptions, there can be no assurance that actual results will not be significantly different. All forward-looking statements are based on information available to DR Horton as of the date of this press release. DR Horton assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release indicate that this internal promotion will support the continued expansion of our operations, volume growth and the consolidation of the Company’s market share across the country. Forward-looking statements also include that Paul’s extensive experience in home construction operations will strengthen our management team.
Factors that could cause actual results to differ materially from future results expressed by forward-looking statements include, but are not limited to: the effects of public health issues such as an epidemic or major pandemic, including the impact COVID-19 on the economy and our businesses; the cyclical nature of the residential construction and land development industries and changes in economic, real estate and other conditions; restriction of public credit and capital markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgages on attractive terms or an increase in mortgage interest rates; risks associated with our inventory of lands and lots; our ability to carry out our growth strategies, acquisitions or investments; the impact of an inflationary, deflationary or higher interest rate environment; warranty and construction defect claims; the effects of health and safety incidents; supply shortages and other risks associated with the acquisition of land, building materials and skilled labor; reductions in the availability of performance guarantees; increased costs of owning a home; the effects of government regulations and environmental issues on our residential construction and land use planning operations; the effects of government regulations on our financial services operations; competitive conditions in the residential construction, land development and financial services industries; our ability to manage and service our debt and to comply with debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; and information technology failures, data breaches and our ability to comply with privacy and data protection laws and regulations. Additional information on issues that could cause significant changes in performance is contained in DR Horton’s annual report on Form 10-K and his most recent quarterly report on Form 10-Q, both filed with the Securities. and Exchange Commission.
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DR Horton, Inc.
Jessica Hansen, 817-390-8200
Vice President of Investor Relations
Investor [email protected]