Standard Pacific Corp. (NYSE: SPF) early Thursday announced that its board has elected Ken Campbell president and CEO, succeeding Jeffrey Peterson, who will remain on the company's board.

Campbell is a partner in MatlinPatterson Global Advisors LLC, a private equity firm, Standard Pacific's largest shareholder.

Current director and company co-founder Ronald R. Foell will assume the role of non-executive chairman. Foell ran the company from 1969 through 1996.

"We believe that Ken's extensive experience in restructuring operations, achieving cost savings and developing more efficient operations will complement the company's ongoing efforts in these areas and will help the company to return to its position as a profitable, market-leading homebuilder," said Foell. "We would also like to thank Jeff Peterson for stepping in as the company's chief executive officer during a critical period in its history. Jeff acted decisively in leading the company and achieved a significant refinancing of its balance sheet in the midst of one of the most challenging capital markets environments."