Dominion Homes announced late last week that the company's board of directors appointed Douglas G. Borror as president and William G. Cornely to COO effective Dec. 31. Jeffrey Croft, the currently president and COO, is leaving the Dublin, Ohio-based builder to "pursue other interests."
Borror will continue to serve as the company's chairman and CEO while Cornely will carry on his duties as Dominion's executive vice president of finance and CFO.
"Dominion Homes remains committed to our long-term success, and I am personally committed to taking a more active role in the company's day-to-day operations," said Borror in a company statement. "We thank Jeff for his efforts and contributions during this extremely tumultuous time in the housing industry."
Croft, who previously worked for Pulte Homes, will receive a payout and healthcare coverage payments totaling $600,200. In addition, he earned $587,104 in total compensation during 2006.
The builder also announced late last week that it is facing a possible NASDAQ delisting because its stock hasn't held a minimum market value of $5 million for the previous 30 trading days. The company has until March 17 to regain compliance by bringing its shares' market value to $5 million or above for at least 10 consecutive days. If the builder is delisted, it can appeal NASDAQ's ruling.