- Push-out Score determined
- After 32 years in the position
- David Mandarich taking over
- Mizel will remain as Executive Chairman at MDC
- Mizel made a lengthy statement and said 379 words
(exechange) — Denver, Colorado, October 29, 2020 — Larry Mizel, chief executive of MDC, leaves his position. As announced by MDC Holdings Inc. in a news release and in a regulatory filing published on Thursday, October 29, 2020, Larry A. Mizel has left his post as chief executive officer of the homebuilder after 32 years in the role, effective October 26, 2020.
It is the end of an era.
Larry Mizel’s duties as CEO will be taken over by David D. Mandarich, most recently Chief Operating Officer of MDC Holdings Inc.
Larry Mizel’s move forms part of a management shake-up also involving the positions of General Counsel; Chief Accounting Officer; Chief Operating Officer for Richmond American Homes; President of Financial Services; and Senior Vice President of National Finance for Richmond American Homes.
No reason given
In the announcement, MDC did not explicitly explain the reason for Larry Mizel’s move, leaving room for speculation.
Mizel will remain as Executive Chairman at MDC
“Mr. Mizel will continue his leadership role with MDC as the newly appointed Executive Chairman. As Executive Chairman, Mr. Mizel will continue to be actively involved in all aspects of the Company’s operations and continue to set the strategic direction for MDC. Mr. Mizel founded the Company in 1972 and has served as a Director and Chairman since that time,” MDC said.
MDC said: “On October 26, 2020, the Board of Directors (the “Board”) of M.D.C. Holdings, Inc. (the “Company”), as part of its senior leadership succession planning, appointed Larry A. Mizel, current Chairman and Chief Executive Officer of the Company, as Executive Chairman and David M. Mandarich, current President and Chief Operating Officer of the Company, as President and Chief Executive Officer.”
Share price increase since October 2015
The announcement follows an increase in M.D.C Holdings Inc.’s share price of 86% since October 2015.
In the position of CEO since 1988
Larry Mizel became CEO of the Company in 1988.
Larry A. Mizel founded the Company in 1972 and has served as a Director and Chairman of the Board since its inception.
He was appointed Chief Executive Officer of the Company in 1988.
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 MDC and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).