8-KLeadership Changes

HORTON D R INC /DE/ 8-K Report, Executive Changes (Nov 12, 2019)

Filed November 12, 2019For Securities:DHI

Summary

This 8-K filing from D.R. Horton, Inc. announces a key change to its Board of Directors and the designation of a new Principal Accounting Officer. The company has appointed Maribess L. Miller as a new director, effective November 7, 2019. Ms. Miller brings a wealth of experience, including 34 years as an Audit Partner at PricewaterhouseCoopers, extensive leadership roles within PwC, and current directorships at other public and private companies. Her appointment is significant as she will also chair the Nominating and Governance Committee and serve on the Audit and Compensation Committees, bringing valuable financial and governance expertise to the board. Additionally, the company has designated Aron M. Odom, Vice President and Controller, as its Principal Accounting Officer, effective the same date. Mr. Odom, who has been with D.R. Horton since 2001, will now hold this crucial financial reporting role, while Bill W. Wheat remains the Principal Financial Officer. These appointments are routine governance updates intended to strengthen the board's oversight and ensure proper financial reporting structures are in place.

Key Highlights

  • 1D.R. Horton appointed Maribess L. Miller as a new independent director to its Board of Directors, effective November 7, 2019.
  • 2Ms. Miller, a CPA, brings extensive experience from her 34-year career as an Audit Partner at PricewaterhouseCoopers.
  • 3Ms. Miller will assume leadership roles as Chair of the Nominating and Governance Committee and as a member of the Audit and Compensation Committees.
  • 4Aron M. Odom, Vice President and Controller, has been designated as the company's Principal Accounting Officer, effective November 7, 2019.
  • 5Bill W. Wheat will continue to serve as the Principal Financial Officer, maintaining his previous dual designation.
  • 6Ms. Miller's compensation will align with the company's standard director compensation, and she was granted 5,000 restricted stock units vesting over 5 years.
  • 7There are no disclosed related-party transactions or arrangements concerning Ms. Miller's appointment.

Frequently Asked Questions

Maribess L. Miller is a newly appointed independent director to D.R. Horton's Board of Directors. Her appointment is significant due to her extensive financial and auditing background, having spent 34 years as an Audit Partner at PricewaterhouseCoopers, and her substantial leadership experience in the accounting industry. She will also play key roles in governance and oversight as Chair of the Nominating and Governance Committee and a member of the Audit and Compensation Committees.

The Principal Accounting Officer is responsible for overseeing the company's accounting operations and financial reporting. Effective November 7, 2019, Aron M. Odom, Vice President and Controller, has been designated as D.R. Horton's Principal Accounting Officer. This ensures proper accounting and reporting compliance.

Ms. Miller will receive compensation consistent with the company's standard compensation for non-employee directors, as previously disclosed in its proxy statement. Additionally, she was granted 5,000 restricted stock units that will vest in equal installments over five years, aligning her interests with those of the company's shareholders.

The filing states there are no arrangements or understandings between Ms. Miller and any other person in connection with her appointment. Furthermore, she has no reported related-party transactions or relationships with D.R. Horton and its subsidiaries that would need to be disclosed under SEC regulations.