Taylor Morrison has hired former JetBlue Airways CFO Ed Barnes as its new finance chief, the company announced Monday.
Barnes, 47, who starts work at the Phoenix-based Taylor Morrison next week, resigned from JetBlue last October after serving as its executive vice president and chief financial officer for four years, overseeing its $4.5 billion operation. Barnes’ has experience in a variety of industries. He was vice president for Phoneix-based JDA Software, Inc., and held executive positions with Assisted Living Concepts, Inc., Pegasus Solutions, and America West Holdings Corp.
“I think that home building is poised for a rebound. I’m pretty excited to be part of that,” Barnes told Builder. He said he is looking forward to helping Taylor Morrison grow as it concentrates on expansion as the housing market starts its recovery.
Help with growth is also on the mind of Sheryl Palmer, Taylor Morrison's CEO and president. “Ed provides us with the hands-on financial management experience that will be a driving force and valuable asset as we look to the future and continue to grow,” she said in the hiring announcement.
Barnes said Taylor Morrison, with its new private equity partner owners, certainly has the wherewithal to be able to invest in bargain assets now that will gain value as the market climbs out of its recession.
Taylor Morrison is owned by TMM Holdings, which is owned by funds managed by TPG Capital, Oaktree Capital Management, L.P., and JH Investments, which bought Taylor Morrison from its previous owner, U.K.-based Taylor Wimpey, last summer for $955 million. Taylor Wimpey sold off its North American Holdings, which also included its Canadian Monarch Home brand, to reduce its debt and focus on its core operations in Great Britain.
An investment group led by Oaktree Capital Management, L.P. recently bought Hanley Wood, the publisher of Builder magazine.
Teresa Burney is a senior editor for Builder magazine.