Meritage Homes Corporation (NYSE:MTH) late Wednesday announced the promotion of Steve Davis, its executive vp of national home building operations, to the newly created position of chief operating officer.

"Over the past two years ... Steve has successfully directed our operating teams to align our product and organization for the challenging environment we face today," said Steven J. Hilton, chairman and CEO of Meritage. "This promotion recognizes Steve's contributions to date, and positions him to work closely with our operating presidents to continue improving our execution, earning high levels of customer satisfaction, and refining our strategy to take advantage of the next upturn in the housing market."

One thing Davis will not be getting is a raise. In an 8K filed with the Securities and Exchange Commission shortly after the announcement, Meritage said "Mr. Davis will receive no additional compensation or benefits in connection with this appointment."

An industry veteran, Davis has more than 25 years experience in the home building industry and a diverse operational background. Prior to joining Meritage, Davis led a start-up operation for a major homebuilder in the post-hurricane Katrina Gulf Coast.

Davis holds a bachelor's degree in business management from Park University and a masters in operations management from the University of Arkansas. Prior to entering the home building industry, he served five years in the U.S. Air Force.