– USA, AZ – Cavco Industries, Inc. (NASDAQ:CVCO) today announced that its Board of Directors appointed Richard Kerley as an independent director of the Company’s Board, effective February 22, 2019. Mr. Kerley, an experienced financial services executive, served as an Audit Partner with Deloitte & Touche LLP for 24 years. During his career, he has also held the title of Chief Financial Officer at two companies and has previously served as a public company lead director.
The Company also announced that Susan Blount, an experienced financial services executive who recently joined the Board, has been appointed to chair the Company’s newly-created Legal and Compliance Oversight Committee, which will oversee the ongoing enhancement of the Company’s compliance programs and legal function. She also serves on the Board’s Corporate Governance and Nominating Committee and Compensation Committee.
Mr. Kerley brings Cavco’s Board current membership to six directors, all of whom are independent. He will be a member of the Company’s Audit Committee and the newly-formed Legal and Compliance Oversight Committee. Following an initial period of orientation to Cavco and its operations, it is anticipated that Mr. Kerley will chair the Audit Committee.
“Rich is an excellent addition to our Board,” commented William Boor, non-executive Chairman of the Board of Cavco. “He is an accomplished leader and an experienced board member in the public company sector. Rich’s extensive audit, financial and operational expertise will provide the Board with valuable insights as the Company continues to pursue operational excellence balanced with appropriate risk management to achieve sustained long-term success.”
“Our leadership team is extremely pleased to add another exceptional leader to our Board,” added Daniel Urness, President and Acting Chief Executive Officer of Cavco. “Rich has a broad set of skills that will support Cavco’s efforts to build high quality, energy efficient homes for the modern-day home buyer.”
Currently, Mr. Kerley serves as a director of two publicly traded companies: The Providence Service Corporation, where he is the Chair of the Audit Committee and the Compensation Committee; and The Joint Corp., where he is the Chair of the Compensation Committee and a Member of the Audit Committee.
“I am excited to be joining Cavco’s Board and I look forward to working with the other members of the Board and management team,” said Mr. Kerley. “I am very impressed by Cavco’s Board and executive leadership team and look forward to supporting the Company as we take advantage of the significant market opportunities that lie ahead.”
Richard A. Kerley
Mr. Kerley served as the Senior Vice President, Chief Financial Officer and member of the Board of Peter Piper, Inc., a privately-held pizza and entertainment restaurant chain, from November 2008 to December 2014, when he retired. Previously, Mr. Kerley served as the Chief Financial Officer of Fender Musical Instruments Corporation, from July 2005 to October 2008. From June 1981 to July 2005, Mr. Kerley was an audit partner with Deloitte & Touche LLP. Prior to becoming a partner at Deloitte & Touche LLP, Mr. Kerley served as an audit manager and staff accountant from August 1971 to June 1981.
Mr. Kerley also currently serves on the board of The Providence Service Corporation, a publicly traded holding company whose subsidiaries provide high quality, technology-enabled healthcare services, and The Joint Corp., a publicly traded operator, manager and franchisor of chiropractic clinics.
Mr. Kerley received a bachelor’s degree in accounting from Marshall University in 1971.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. The Company is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments, marketed under a variety of brand names including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes, Friendship Homes, Chariot Eagle and Lexington Homes.
The Company is also a leading producer of park model RVs, vacation cabins, and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. Cavco’s mortgage subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer, a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.
For more information : https://www.cavco.com
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