Beazer Homes CEO steps down, replaced by CFO

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Home-building giant Beazer Homes announced this morning that CEO Ian J. McCarthy is leaving the builder after 17 years of service. The company's CFO, Allan Merrill, will succeed McCarthy as president and CEO and has been elected to the board of directors.

June 13, 2011
Beazer Homes, home builder, homebuilder, home-building giant

Beazer Homes, home builder, homebuilder, home-building giant

Beazer Homes USA today announced that Allan Merrill has been appointed president and CEO and has been elected to the board of directors. In addition, Robert (Bob) Salomon has been appointed EVP and CFO. Merrill succeeds Ian J. McCarthy, who is leaving the builder after 17 years of service and has resigned from the board of directors.

Merrill has been the CFO for the past four years, where he led efforts to successfully recapitalize the company’s balance sheet, which increased equity, reduced debt, and eliminated material debt maturities prior to 2015. Including his time as CFO, Merrill has more than 20 years of experience in executive positions directly related to the home building and residential real estate industries, including positions in investment banking and Internet real estate marketing.

Prior to joining the company, Merrill held both strategic and operational leadership roles with Move, Inc. Before that, he worked for approximately 13 years for Dillon Read & Co. Inc., and its successors, including UBS, where he managed the firm’s Housing, Construction and Building Materials group. In that capacity, Merrill served as lead adviser to the company on its IPO in 1994 and on several major acquisitions.

Salomon joined Beazer Homes in 2008 as the company’s chief accounting officer, responsible for the company’s internal and external financial reporting. Salomon, a CPA, has more than 25 years of financial management experience, including over 19 years in the home building industry. Prior to joining the company, Salomon served as CFO and treasurer of Ashton Woods Homes for almost 10 years and served with MDC Holdings, Inc. in various accounting and finance roles over a six-year period.

Beazer chairman Brian Beazer said, “Over many years Ian McCarthy has ably guided the company to its current position as one of the 10 largest home builders in the United States. During this time, the home building industry and the company have experienced many complex issues which Ian has dealt with to the benefit of the company. The board appreciates his leadership and many contributions to the company. For these efforts we would like to thank him and wish him all success in the future.”

Beazer continued, “We are pleased that Allan and Bob have accepted these appointments. Both possess many years of industry experience and have demonstrated a commitment to the success of our stakeholders. The board has asked Mr. Merrill and his team to conduct a thorough review of the company’s operations and potential growth opportunities to identify and implement strategies that will create value for shareholders.”

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