Roger A. Cregg, PulteGroup’s executive vice president and chief financial officer has announced plans to retire later this year after a successor is named following a nationwide search, the company announced Friday (Feb. 18).
Cregg, who joined the company in 1998, has overseen the company’s accounting, treasury, tax, information systems, investor relations, mortgage, title, and other related activities. He also was at the financial helm as the company completed two mergers, the first with Del Webb and the second 18 months ago with Centex.
"Over the past decade, I have been proud to work alongside the professional team at PulteGroup,” said Cregg in the company announcement. “Together, we have accomplished a great deal, most notably growing the company into one of the largest home builders and navigating the challenges presented by the downturn in the housing market.”
"With the worst of the recession behind us, the market stabilizing, and the Company beginning to realize the benefits of its strategic initiatives, now is an appropriate time for me to retire from PulteGroup,” he continued. "In the coming months, I am committed to ensuring a smooth transition to my successor, preserving the solid foundation we have built while paving the way to achieve outstanding returns in the years ahead."
Cregg is the second high-ranking company officer to resign from PulteGroup in the past six months. The company’s chief operating officer Steven C. Petruska announced his retirement in August in a move to “flatten PulteGroup’s structure.” CEO Richard J. Dugas Jr. took over Petruska’s responsibilities.
However, Cregg will be replaced. The company says it has hired Heidrick & Struggles, a national executive search firm, to start a national search for his replacement, “who will be relied upon to contribute innovative solutions that help the company achieve its goal of delivering industry-leading shareholder returns.”
"Roger has been an important leader at PulteGroup over the years. It is evident to everybody who works with Roger that his character and integrity are beyond reproach and his financial expertise is unrivaled," said Dugas in the news release.
"During a crucial period in Pulte's history, Roger expertly guided our financial operations, devised supportive capital strategies, including issuing the industry's only 30- and 40-year debt, and was instrumental in our successful acquisitions and integrations of Del Webb and Centex Corporation,” Dugas continued. “We are indebted to Roger for his many contributions, and wish him nothing but the very best for the future."
PulteGroup has been under some pressure of late as it has lagged behind many of its peers in returning to profitability. After the merger with Centex, it became the largest home builder in the United States, a title it has since given back to D.R. Horton.
Prior to joining Pulte, Cregg was executive vice president and CFO of Zenith Electronics Corporation. He was also the CFO of Sweetheart Cup Company and held various financial positions with Continental Can Company.
Cregg earned a Master of Business Administration degree from the J.L. Kellogg Graduate School of Management at Northwestern University and holds a Bachelors of Science in Accounting from Northeastern University. He is past Chairman of the Board of the Detroit Branch of the Federal Reserve Bank of Chicago and has served as a board member of Comerica Incorporated since 2006.
Teresa Burney is a senior editor for BUILDER magazine.
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