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Cavco Ind. Reports Executive Leaders Change

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November 10, 2018 by   Leave a Comment

Cavco Industries Inc., a builder of manufactured housing and park model RVs, announced executive leadership changes.

According to a press release, the company’s board of directors has appointed Daniel Urness as president and acting chief executive officer, effective immediately. In his new role, Urness will be responsible for day-to-day leadership of the company. He replaces former Chairman, President and CEO Joseph Stegmayer who will serve in a nonexecutive role.

In addition, Cavco announced that Chief Accounting Officer Joshua Barsetti will assume the duties of principal financial officer for purposes of financial filings and certifications while William Boor has been named as non-executive chairman of the board, Previously Boor served as chairman of the company’s audit committee, a member of the company’s compensation committee and an independent member of the board since July 2008.

Daniel Urness has worked for and on behalf of Cavco for nearly 20 years in numerous leadership positions and has long been part of the its chief erxecutive officer succession plan. Most recently, he served as Cavco’s executive vice president, chief financial officer and treasurer until August 2018, when he resigned from that position to work more closely with the company’s home building production facilities to gain additional experience as part of the the succession planning efforts. As executive vice president, Urness played a key role in advancing Cavco’s operational initiatives.

“The board fully supports Cavco’s current strategy and is confident that Dan Urness is the right person to build on our Company’s success,” said Boor. “We are fortunate to have Dan return to our executive leadership team as our new president and acting chief executive officer.”

Joseph Stegmayer, former chairman, president and CEO, noted, “Dan Urness is a great choice to lead Cavco. He is a strong leader, with the ability to connect with customers, partners and teammates. His institutional knowledge of our company and significant industry experience will ensure a smooth leadership transition. I look forward to continuing to serve the company in my new role.”

The company also announced that it had received a subpoena from the Securities and Exchange Commission’s Division of Enforcement requesting certain documents relating to, among other items, trading of the stock of another public company. Subsequent to sending the company a subpoena, the SEC sent a subpoena for documents and testimony to Stegmayer, regarding similar issues. 

As a result, Stegmayer stepped down from his position as chairman, president and chief executive officer of after an internal investigation, conducted by independent legal counsel, identified certain violations of company policy related to securities trading activities. The board’s decision to transition Stegmayer to a nonexecutive role allows the company to retain his deep industry and operational experience.

“The board took actions that it believes to be in the best interest of the company and its stakeholders,” commented Boor. “Cavco remains a strong company and is well positioned for the future under Dan’s leadership.”

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