IRVINE, CA -- Standard Pacific Corp. this week announced that Ken Campbell, Chief Executive Officer, will resign from his role as CEO and as a member of the Board of Directors of the Company on January 1, 2012. Scott Stowell, the Company's President, will now begin to assume day-to-day management of the Company. He will receive the title of Chief Executive Officer and will join the Board of Directors upon Mr. Campbell's departure in January.
"I have served as Standard Pacific Homes' CEO for almost three years," said Mr. Campbell, "which is about as long as a restructuring guy like me should stick around. I'm extremely proud of the tremendous progress our entire team has made during my tenure here and believe, with Scott at the helm, Standard Pacific Homes is well positioned for the future. I look forward to watching Scott and the rest of the outstanding leadership group we have assembled execute our growth plan as we come out of the economic downturn. I am particularly encouraged by the growth in sales during the summer despite the obvious challenges. I believe this is a strong indicator that our move-up strategy and land acquisition program is going to be successful."
"I'm looking forward to taking on the CEO role and working closely with Ken and the other members of our senior management team over the next several months to assure a smooth transition," said Mr. Stowell. "As I look around the Company, I see a talented and experienced group of people who will help us to create stockholder value as we navigate the remainder of this downturn while preparing for the housing market's eventual recovery."
Mr. Stowell has served as President of the Company since March 2011 and previously served as Chief Operating Officer since 2007. He joined the Company in 1986 and has held progressive roles, including President of the Orange County division and President of the Southern California region, among the most dynamic and influential housing markets in the country. Mr. Foell, who has served as a director of the Company since 1967, commented: "I have had the great pleasure of working with Scott over the last 25 years and I am excited that someone with his positive leadership skills and operational expertise will be taking over the helm of this great Company. I am confident that, under Scott's leadership, we have the management team in place to take the Company to the next level while continuing to build on the pillars of our brand and our reputation for delivering exceptional quality and customer service."