8-KLeadership Changes

HORTON D R INC /DE/ 8-K Report, Executive Changes (Aug 11, 2005)

Filed August 11, 2005For Securities:DHI

Summary

This 8-K filing from D. R. Horton, Inc. (DHI) on August 11, 2005, primarily reports the election of a new independent director, Michael W. Hewatt, to the Board of Directors, effective August 9, 2005. Mr. Hewatt's appointment increases the number of independent directors to five, maintaining a majority independent board composition (5 independent, 3 management members). Mr. Hewatt is a certified public accountant and owner of Hewatt & Associates, CPAs, with extensive experience in auditing and tax services. His appointment strengthens the board's financial oversight and independence, as he meets both the company's and the New York Stock Exchange's independence standards. There are no disclosed transactions or arrangements between Mr. Hewatt and D. R. Horton that require reporting.

Key Highlights

  • 1D. R. Horton, Inc. appointed Michael W. Hewatt as a new independent member of its Board of Directors, effective August 9, 2005.
  • 2Mr. Hewatt was also appointed to the Audit Committee and the Nominating and Governance Committee of the Board.
  • 3His appointment increases the number of independent directors to five, with three management members, ensuring a majority independent board.
  • 4Mr. Hewatt is a qualified independent director according to both D. R. Horton's and the NYSE's independence standards.
  • 5Mr. Hewatt is a CPA and owner of Hewatt & Associates, CPAs, bringing significant financial and auditing expertise to the board.
  • 6No related-party transactions or specific arrangements for his appointment were disclosed.

Frequently Asked Questions

Michael W. Hewatt is a certified public accountant and the owner of Hewatt & Associates, CPAs. He was appointed to the Board of Directors of D. R. Horton, Inc. to enhance the board's independence and financial oversight, bringing his expertise in auditing and tax services. He was recommended by the independent members of the Nominating and Governance Committee.

Mr. Hewatt's appointment increases the number of independent directors on the Board of Directors from four to five. This maintains a majority of independent directors, with five independent members and three management members, strengthening corporate governance.

Yes, the Board of Directors determined that Mr. Hewatt is independent under both D. R. Horton's internal independence standards and the stricter independence standards set by the New York Stock Exchange.

According to the filing, there are no disclosed arrangements or understandings between Mr. Hewatt and any other persons regarding his selection. Furthermore, he has no reportable transactions in which he has a material direct or indirect interest with the Company.