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Mr. Ara K. Hovnanian will succeed Mr. Kevork S. Hovnanian, the founder of the Company, who served as Chairman of the Board of Directors up until his death in September 2009.
"Ara's thirty years of service to the Company, vast industry expertise and his close relationship with our past chairman, uniquely qualify him for this role," commented Stephen D. Weinroth, a Director of the Company. "Kevork S. Hovnanian was the founder of our Company and a tremendous resource for the past fifty years both in good times and more importantly in difficult times. He will be a hard act to follow."
Edward A. Kangas, a Director of the Company, continued, "However, we are confident that under Ara's leadership as Chairman, that he will be able to carry on the tradition of a strong leader that his father set and successfully navigate the Company through this challenging economic environment. Ara is the right leader for the Company."
Mr. Ara K. Hovnanian has been with the Company for more than 30 years and has served as its President since 1988 and its Chief Executive Officer since July 1997. He has served as a director on the Company's Board of Directors since 1981. Mr. Ara K. Hovnanian has played a key role in the growth of the Company over this time period.
About Hovnanian Enterprises
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.
Additional information on Hovnanian Enterprises, Inc., including a summary investment profile and the Company's 2008 annual report, can be accessed through the "Investor Relations" section of the Hovnanian Enterprises' website at http://www.khov.com. To be added to Hovnanian's investor e-mail or fax lists, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.
Note: All statements in this Press Release that are not historical facts should be considered as "forward-looking statements" within the meaning of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic and industry and business conditions, (2) adverse weather conditions and natural disasters, (3) changes in market conditions and seasonality of the Company's business, (4) changes in home prices and sales activity in the markets where the Company builds homes, (5) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, and the environment, (6) fluctuations in interest rates and the availability of mortgage financing, (7) shortages in, and price fluctuations of, raw materials and labor, (8) the availability and cost of suitable land and improved lots, (9) levels of competition, (10) availability of financing to the Company, (11) utility shortages and outages or rate fluctuations, (12) levels of indebtedness and restrictions on the Company's operations and activities imposed by the agreements governing the Company's outstanding indebtedness, (13) operations through joint ventures with third parties, (14) product liability litigation and warranty claims, (15) successful identification and integration of acquisitions, (16) significant influence of the Company's controlling stockholders, (17) geopolitical risks, terrorist acts and other acts of war and (18) other factors described in detail in the Company's Form 10-K for the year ended October 31, 2008 and in the Company's Form 10-Q for the quarter ended July 31, 2009.
SOURCE Hovnanian Enterprises, Inc.
http://www.khov.com
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