DOW JONES NEWSWIRES
Ryland Group Inc. (RYL) said R. Chad Dreier will retire as chief
executive on May 29, but will continue as chairman.
President Larry Nicholson will add the CEO title.
The executive shifts at the top of the home-building and
mortgage-finance company comes amid a deep housing slump that
hasn't shown signs of a turnaround.
Dreier joined Ryland in November 1993 as president and CEO and
became chairman in 1994.
Nicholson, who first joined Ryland in 1996 as vice president of
operations, also served as Southeast region president in 2004
before being promoted to chief operating officer in 2007 and
president last September.
Last month, Ryland said its fourth-quarter net loss narrowed on
fewer adjustment and impairment charges, but revenue and new orders
tumbled. Ryland operates in 15 states and has 19 home-building
divisions across the country.
Shares of Ryland were down 3 cents to $15.85 in after-hours
trading. The company's stock has lost about half its value over the
last five months, including a 10% drop this year.
-By John Kell, Dow Jones Newswires; 201-938-5285;
john.kell@dowjones.com