NVR has announced Dwight Schar, Manuel Johnson, and William Moran have announced their intention to retire from the home builder's board of directors and will not stand for reelection at the company's upcoming annual shareholder meeting. Serving on the board since 1993, Schar, Johnson, and Moran are all original NVR board members.
As the founder of NVR, Schar has been chairman of the board since September 1993. He started with Ryan Homes in 1968, left Ryan Homes to start NVHomes, and NVHomes subsequently acquired Ryan Homes to form NVR.
Schar served as CEO of NVR from 1993 through June 2005. His leadership and strategic guidance through many business cycles, including the global financial crisis, has led to the long-term success of NVR.
“Schar has been instrumental in transforming NVR into the third largest home builder in terms of market capitalization as well as achieving industry leading financial returns,” stated the company press release. “The board is appreciative of Schar's long-term leadership and service to NVR and the board.”
In addition to his contributions to NVR, Schar has also left a lasting impression on the community, most notably with the establishment of the Inova Schar Cancer Institute, the George Mason University Schar School of Policy, and the Ashland University Dwight Schar College of Education.
Johnson served as the chairman of the audit committee since 1993. With his background as a former vice chairman of the Federal Reserve, he has provided economic and financial regulatory expertise to the board during his long tenure.
Moran joined Ryan Homes in 1971 and later left to start NVHomes with Schar. He has provided the board with home building and land development expertise during his tenure.
Paul Saville, presently NVR's president and CEO, will stand for election to the board at the 2022 annual meeting of shareholders. Effective upon his election, Saville will be appointed executive chairman and will relinquish the president and CEO positions.
Saville has been president and CEO of NVR since 2005 and has been employed by NVR since 1981. He will continue to provide leadership and strategic direction to NVR as executive chairman.
As a result, the board has appointed Eugene Bredow as president and CEO effective upon Saville's appointment as executive chairman. Bredow has been employed by NVR since 2004 and has held various company positions, including president of NVR Mortgage, senior vice president and chief administrative officer, vice president and controller, and chief accounting officer.