Standard Pacific Corp. (NYSE:SPF) disclosed in an 8K filing with the Securities and Exchange Commission Tuesday that it was consolidating its Northern and Southern California Regions into a single California Region.
The consolidation will result in the elimination of the regional president position in the Northern Region, held by Douglas Krah. The positon was eliminated effective July 15. Krah will leave the company.
The company attributed the consolidation to "ongoing cost-reduction initiatives."
Krah will receive a cash payment of $1.5 million representing what he would have received in salary and bonus through the end of 2008. The vesting of 15,118 shares of Standard Pacific restriced unvested stock will also be accelerated.
Todd Palmaer, formerly president of the Southern California Region, has been named president of the combined California Region.