PulteGroup, Inc. (NYSE: PHM), Atlanta, announced Thursday that the company's slate of candidates for the board of directors received overwhelming support from shareholders at Wednesday's annual meeting based on proxies submitted to the Independent Inspector of Election. Each director was thus elected to a new one-year term.
The company said the favorable votes for its proposed slate topped 83% of the shares voted. It added that if adjustments were made for the shares of Bill Pulte, who announced his intention to vote his shares (about 9%) against the company board slate, each director received more than 93% of shares voted.
"Shareholders have provided a strong expression of support for the value creation strategy PulteGroup initiated in 2011," said Richard J. Dugas, Jr., PulteGroup chairman and CEO. "Since that time, the strategy has contributed to shareholder returns of 160%, among the highest of our large home building peers, as significant increases in pre-tax income have enabled us to invest in our business, establish one of the industry's strongest balance sheets, and return funds to shareholders. Our recently reported first quarter results, which showed a 60% increase in earnings per share, underscore our excellent momentum."
The election of the company's slate of directors effectively ensures long-time CEO Dugas of board-of-directors backing through the time of his announced plan to retire in May 2017.
Separately, shareholders approved a non-binding resolution regarding executive compensation and to appoint Ernst & Young LLP as the company's independent registered public accounting firm.
The board declared a quarterly cash dividend of $0.09 per common share payable July 1, 2016, to shareholders of record at the close of business on June 9, 2016.