In the wake of the announced departure of Jeffrey Orleans, Orleans Homebuilders, Inc.(Pink Sheets: OHBIQ.PK) announced that George E. Casey, Jr., a home-building veteran of Toll Brothers, the St. Joe Company, Realen Homes, and several other regional companies, has been named "to lead the company as it completes its financial reorganization and emerges from Chapter 11."
Casey will function initially as a special advisor to the chief restructuring officer until the new board of directors is elected. The company hopes to emerge from bankruptcy by yearend.
"We have conducted an exhaustive search for the right leadership for Orleans, and we're extremely pleased that George Casey has accepted the new leadership position," said Mitchell B. Arden, senior managing director and shareholder of Phoenix Management, who has been serving as chief restructuring officer. "George has a tremendous career in homebuilding across the country, much of it in our own markets. He thoroughly understands the issues, the environment, and what it takes to make Orleans successful. Upon emergence from Chapter 11, the new board of directors will name him chief executive officer. The sponsors of our plan of reorganization fully support George's appointment."
Casey, 64, has a long and varied home-building resume. During the mid-1980s, he rose to the position of senior vp with Toll Brothers and was responsible for creating new homebuilding divisions. He went on to serve as CFO and SVP/Operations for Realen Homes, Inc. in Ambler, Pa. He also served as a divisional president for The St. Joe Company/Arvida, responsible for the development of Weston, FL, a 10,000-acre master planned community delivering 1,250 homes annually. He also served as president and/or CEO of regional homebuilders in Ohio, the Carolinas, and California, and as general manager of Verrado, DMB Associates' 9,000-acre master planned community in Buckeye, Az.
In the announcement, Casey said he is "looking forward to leading the company."