Click here to send MH news, tips, links, documents, facts
or factory-built housing related news story suggestions.

Home > Analysis and Commentary, Association, Business, Legal, Manufactured Housing Industry, News, Stocks > Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

Cavco Chairman Joseph H. Stegmayer Steps Down Under SEC Cloud, “Personal, Confidential” SEC Document, Cavco Industries’ Statement

 

JoeStegmayerCavcoIndustiriesLogoSEClogoCloudDailyBusinessNEwsMHProNews

A memorandum from the Securities and Exchanges Commission (SEC) dated yesterday opens as follows:

 

November 8, 2018

Personal and Confidential

 

Joseph H. Stegmayer

[Address]

[City, State Zip]

 

Dear Joseph:

This letter confirms our discussions regarding your resignation from your current positions as Chairman of the Board and President and Chief Executive Officer of Cavco Industries, Inc. (“Cavco” or the “Company”) and from any and all positions you may hold as an officer or director of any of its subsidiaries, and to transition to a new role with the Company. Set forth below is information about your new position and other administrative matters, and a transition agreement and release of claims for your consideration.”

The entire SEC memorandum was obtained by the Daily Business News on MHProNews, and is found a this link here as a download.

 

From Statement from CAVCO via Media Release

Mr. Stegmayer stepped down from his position as Chairman, President and Chief Executive Officer of the Company after an internal investigation, conducted by independent legal counsel, identified certain violations of Company policy related to securities trading activities conducted by Mr. Stegmayer.

The Board’s decision to transition Mr. Stegmayer to a non-executive 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 Mr. Boor. “Cavco remains a strong Company and is well positioned for the future under Dan’s leadership,” said a statement by Cavco provided to MHProNews from various sources, that is found in its entirety, linked here as a download.

 

New Leaders at CAVCO?

“Cavco Industries, Inc. (Nasdaq: CVCO) (the “Company”) announced executive leadership changes. The Company’s Board of Directors (the “Board”) has appointed Daniel Urness as President and Acting Chief Executive Officer, effective immediately. In his new role, Mr. Urness will be responsible for day-to-day leadership of the Company. The Company also announced that Joshua Barsetti, the Company’s Chief Accounting Officer, will assume the duties of principal financial officer for purposes of financial filings and certifications. William Boor, 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, will assume the duties of non-executive Chairman of the Board,” per their statement, which again, is linked here as a download.

 

What About MHI?

According to the Manufactured Housing Institute (MHI) website this morning, Mr. Stegmayer is still shown as the Chairman of the Executive Committee board of directors.  There is no word yet from MHI about this shakeup at Cavco, and how it may or may not impact his relationship with the Arlington, VA based trade association.

NoWordYetMHIJoeStegmayerManufacturedHousingInstituteChairmanDailyBusinessNewsMHProNews

Cavco is the #3 producer of HUD Code manufactured homes, and produces modular and other factory built homes.  A prior report is linked below.

http://www.MHProNews.com/featured-articles/december-2017/a-cup-of-coffee-with-joe-stegmayer

Stegmayer has been interviewed by MHProNews at various times.  One of those interviews is found at the link below.

Cavco Industries (CVCO) Insights, Financial Update, Fiscal 2018 Fourth Quarter. Year End Results

The Daily Business News on MHProNews will monitor these developments, and report as significant issues develop. That’s factory-built housing “Industry News, Tips and Views That Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

ManufacturedHomeIndustry#1HeadlineNewsMHProNews

To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

 

Related Reports:

 

FEDs, MHI, Buffett’s Berkshire’s Clayton Homes Moat, Affordable Housing, and Billion$ in Manufactured Home Market Manipulation

 

 

The Rich, Famous, PreFab Homes, Manufactured Housing, Hypocrisy, and You

 

 


Matthew Silver - Reporter at Large
Soheyla Kovach - Support Services
L.A. 'Tony' Kovach - Publisher, Editor and Marketing Director. To submit a news tip, please click here: iReportMHNewsTips@MHMSM.com