M.D.C. Holdings senior vice president and CFO Christopher M. Anderson has retired from the company effective Nov. 6, but will remain a consultant for another 90 days.
"For the past two and a half years, Chris has been an integral part of our team," said Larry A. Mizel, MDC's CEO in the announcement. "As a leader in the company, Chris' ability to identify and solve key business issues has led to long-lasting improvements in our operations. As the leader of our finance organization, he has been an excellent steward of our investment grade balance sheet and has consistently demonstrated strong financial integrity. We regret seeing him go and wish him well."
"I am honored to have had the opportunity to spend the past few years with MDC," said Anderson in the notice. I am grateful to senior management, the board of directors, and the investment community for their support during my tenure, and I will do all that I can to ensure a smooth transition of my responsibilities over the next several months."
As part of the retirement agreement, Anderson will receive $1 million, plus a lump some of $200,000 for his pro-rated annual bonus, and accrued unused vacation pay. All of his unvested stock will be fully vested as well as his unrestricted stock. He also will receive $25,000 a month for no more than 20 hours a week as a consultant.
MDC, which builds under Richmond American Homes, follows the lead of other builders that have begun to cut management salaries as the home building market continues to struggle. PulteGroup and KB Home have also whittled down their management ranks.