- Push-out Score determined
- After 25 years in the position
- Accolades and praise for Hilton
- Phillippe Lord taking over
- Hilton will remain as executive chairman at Meritage
- Hilton said 69 words
(exechange) — Scottsdale, Arizona, September 17, 2020 — Steve Hilton, chief executive of Meritage, leaves his position. As announced by Meritage Homes Corp. in a news release and in a regulatory filing published on Thursday, September 17, 2020, Steven J. (Steve) Hilton leaves his post as chief executive officer at the homebuilder after 25 years in the role, effective January 1, 2021.
It is the end of an era.
Steve Hilton’s duties as CEO will be taken over by Phillippe Lord, currently chief operating officer of Meritage Homes Corp.
“Succession plan”
Steve Hilton’s departure from the CEO post is explained as follows. Peter Ax, lead independent director for Meritage Homes, said: “Steve is one of the very few entrepreneurs to launch a business and grow it into a successful multi-billion-dollar public company, earning the respect of his peers, employees and industry leaders for his passion and innovation. He successfully navigated Meritage through the most difficult housing market in American history and has worked closely with the Board of Directors to create this succession plan and chart a course to achieve even greater accomplishments in the coming years.”
Hilton will remain as executive chairman at Meritage
“Steven J. Hilton, co-founder, chairman and chief executive officer of the Company, will be retiring as CEO effective January 1, 2021, but will continue to provide guidance and oversight in his role as the executive chairman of Meritage’s board of directors,” Meritage said.
“Retiring”
Meritage said: “Steven J. Hilton, co-founder, chairman and chief executive officer of the Company, will be retiring as CEO effective January 1, 2021.”
Share price increase since September 2019
The announcement follows an increase in Meritage Homes Corp.’s share price of 58% since September 2019.
In the position of CEO since 1996
Steve Hilton became CEO of the Company in 1996.
Hilton has been the Company’s chairman and Chief Executive Officer since May 2006.
Hilton was the co-chairman and co-Chief Executive Officer of Meritage Homes Corporation from 1996 to May 2006.
In 1985, Hilton co-founded Arizona-based Monterey Homes, the predecessor company to Meritage Homes Corporation.
Under Hilton’s leadership, Monterey became publicly traded in 1996.
Hilton received his bachelor of science degree in accounting from the University of Arizona and is a director of Western Alliance Bancorporation (a NYSE listed company), a leading bank holding company based in Phoenix, Arizona.
Hilton has over 35 years of real estate experience and is considered an expert and innovator in the homebuilding industry.
He is a frequent participant in panels and interviews regarding the industry.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Meritage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2020 ($).