8-KLeadership ChangesMaterial Agreements

HORTON D R INC /DE/ 8-K Report, Material Agreement (Apr 22, 2005)

Filed April 22, 2005For Securities:DHI

Summary

This 8-K filing from D.R. Horton, Inc. (DHI) on April 22, 2005, announces significant executive leadership changes, effective April 20, 2005. Three key Region Presidents, Gordon D. Jones, Thomas F. Noon, and George W. Seagraves, have been promoted to the positions of Executive Vice President and Chief Operating Officer for their respective West, California, and East regions. This strategic move indicates a strengthening of operational leadership within critical geographic areas of the company. These promotions are coupled with specific compensation details, including an annual salary of $175,000 for each executive. Furthermore, they will be eligible for performance-based cash bonuses tied to their regions' pre-tax income and other financial metrics, alongside participation in existing company-wide incentive and benefit plans. The company's filing suggests a commitment to incentivizing regional performance and retaining experienced leadership.

Key Highlights

  • 1D.R. Horton promoted three Region Presidents to Executive Vice President and Chief Operating Officer roles for West, California, and East regions.
  • 2Promotions are effective April 20, 2005.
  • 3Gordon D. Jones appointed EVP & COO for the West region.
  • 4Thomas F. Noon appointed EVP & COO for the California region.
  • 5George W. Seagraves appointed EVP & COO for the East region.
  • 6Each promoted executive will receive an annual salary of $175,000.
  • 7Executives are eligible for performance-based cash bonuses tied to regional financial performance.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce material changes in the registrant's executive leadership, specifically the promotion of three key executives to Executive Vice President and Chief Operating Officer roles for their respective regions.

Gordon D. Jones was promoted to Executive Vice President and Chief Operating Officer for the West region. Thomas F. Noon was promoted to Executive Vice President and Chief Operating Officer for the California region. George W. Seagraves was promoted to Executive Vice President and Chief Operating Officer for the East region.

Each of the three promoted executives will receive an annual salary of $175,000. They are also eligible to earn cash bonuses based on their regions' pre-tax income and other financial performance measures, and will continue to participate in the company's general incentive, benefit, and deferred compensation plans.

Gordon D. Jones and George W. Seagraves each have over 20 years of experience in the residential development and home building industry. Thomas F. Noon has over 30 years of experience in the same industry.