Avatar Holdings reported several moves in its executive ranks Monday (July 2), announcing its chief financial officer is leaving for health reasons and that a former Technical Olympic USA executive has already been hired to replace him.
Charles L. McNairy will resign the CFO position for the Florida-based developer and builder effective July 9. His position will be filled with Randy Kotler, who was working as chief accounting officer for TOUSA. Kotler was also TOUSA's interim CFO from May of 2005 to January of 2007. Before going to work for TOUSA in 2002, Kotler was a senior manager for Ernst and Young. Before that he was audit senior management for BDO Seidman from 1988 to 1996
Kotler, 42, will be paid a $100,000 signing bonus and a base salary of $350,000 a year with an annual bonus of no less than $100,000 as well as restricted stock.
Avatar's executive vice president for special projects, Dennis J. Getman, also has resigned effective June 29. Avatar offered no explanation for that resignation in its SEC filing but it did say he would be continue to work as a consultant for the company for three years, providing continuing advice on projects in which he was involved.