Having served as Fieldstone Residential Communities’ president since 2000, and CEO since 2001, Frank Foster will retire on December 31, 2008, the company announced Monday in a statement.

Fieldstone’s board of directors formed a new executive committee to lead the Irvine, Calif.-based company in Foster’s absence. The executive committee is comprised of board members, including company co-founders Peter Ochs and Keith Johnson, and Kenneth Beall. Foster will serve on the executive committee until his retirement.

Foster, who joined Fieldstone in 1986 as a project manager in Orange County, Calif., will remain involved longer-term as a member of Fieldstone’s board of directors.

Foster, who announced his intent to retire in 2006, will be missed.

“Frank has been highly regarded throughout the homebuilding industry, respect that is well-deserved,” Ochs said in a statement. “I have appreciated Frank’s many contributions to Fieldstone. They include developing and implementing company strategy, developing a strong leadership team, and leading the board on top-level issues.”

Foster was appointed to Fieldstone’s board of directors in 1992. After becoming Orange County regional manager and COO, Foster was promoted to president in 2000 and then CEO in 2001.

In 2003, Foster oversaw Fieldstone’s entry into the Texas market, buying a small San Antonio builder, and growing it into the fifth largest home builder in San Antonio.

Top Fieldstone management, including California operations leader David Greminger, Texas and Utah operations chief Chad Ogden, and company CFO Alan Arthur, will report to the executive committee.

Fieldstone ranks 42 on the 2007 Builder 100.

Learn more about markets featured in this article: Los Angeles, CA.