Hovnanian Enterprises filed a form 8K with the Securities and Exchange Commission this week detailing a change near the top of the company. Text of the filing follows:
On June 22, 2016, Hovnanian Enterprises, Inc. (NYSE:HOV)) announced that Thomas J. Pellerito, Chief Operating Officer, will retire from the Company effective December 31, 2016. Mr. Pellerito will step down from his position as Chief Operating Officer on October 31, 2016 and continue to assist the Company in an orderly transition through the end of the 2016 calendar year.
Mr. Lucian Theon Smith, III, age 56, has been appointed Chief Operating Officer, effective November 1, 2016. Mr. Smith joined the Company in April 2007 as a Region President and was promoted to Group President in January 2010. Most recently Mr. Smith has served as Executive Vice President of Homebuilding Operations, a position he has held since August 2015.
In connection with Mr. Smith’s appointment to Chief Operating Officer his salary will be increased by 18% effective December 17, 2016 and he will be eligible to receive a bonus for the 2017 fiscal year that is at least 10% greater than the bonus he would have received had he remained in his previous position.