Two senior management executives of top 20 private builder, Indianapolis-based C.P. Morgan Communities, will leave the company next month, as owner/CEO Charles P. Morgan resumes a greater operating role in the company.
Twelve-year veteran Dan Horner, president and COO, and Executive Vice President for development Mark Boyce, who's been with C.P. Morgan for more than 20 years, will exit on July 7, after a brief transition period, Horner said. Neither executive has definite plans following their departure. “We're looking at a variety of options, and are very open to any possibility in the home building business,” Horner said.
At press time, several attempts to reach Chuck Morgan for comment were unsuccessful. Word is the company will replace Horner with a president and COO, possibly from outside the home building industry. Staffers with knowledge of the reorganization described the parting as “amicable,” but said the announcement of the shake up came as a “shock.”
The two executives—Horner primarily through his leadership of C.P. Morgan's sales charge, and Boyce, who, for years now, has led the company's land position presence in challenging markets—receive credit as the major contributors to the firm's recent growth trajectory.
In 2005, C.P. Morgan reports closing on 3,040 homes, an 18 percent increase over year earlier figures, according to the BIG BUILDER sister publication BUILDER magazine's BUILDER 100 data. Revenue growth during the same period was 24 percent, up to $424 million in 2005. The employee head count is about 585 people, and projected closings for 2006 are 3,740, another 23 percent increase in unit volume sales.
“What I've committed to, as I consider what's next, are three things,” says Horner. “First, wherever I'm going, I want to do the things I love to do, which is building and inspiring growth. Second, I want to do it with people I really enjoy being with; and third, I want to do it in a way that reflects a deep conviction in my heart.”
Horner says that even as he works through the transition with C.P. Morgan and the senior management team, opportunities have arisen, including private, entrepreneurial organizations, public companies, and even a start up.
Learn more about markets featured in this article: Indianapolis, IN.