Taylor Morrison Home Corporation ("Taylor Morrison," NYSE: TMHC), Scottsdale, said Thursday that its president and CEO, Sheryl Palmer, has been unanimously named Chairman of the company's Board of Directors, succeeding Timothy R. Eller who plans to retire from the Board at the conclusion of his current term ending May 31, 2017.
In addition, current director of five years, Peter Lane, has been appointed as the Board's lead independent director.
"I am grateful to Tim for the successful foundation he has built leading the Board through these momentous years for the company, and I am honored to follow in his footsteps and serve as Chair of the Board of Directors," said Palmer. "In partnership with Pete in his new lead role, I'm confident that we will drive an efficient execution of our strategic plan, deliver on our vision for the future and generate significant value for our stockholders."
Palmer has successfully led the organization through several large-scale transformations including the company's initial public offering, the sale of its Canadian operations and four sizable home-building acquisitions. Under Palmer's leadership, the company's total U.S. revenue, gross margin dollars and earnings before taxes have more than tripled in the last five years. Palmer's elevation to Chairman of the Board represents a significant development for the home-building industry, as she becomes the only female board chair among the top 20 home builders in the country.
The appointment of Palmer to Chairman and Lane as lead independent director was unanimously approved by the Board of Directors with the full support of Taylor Morrison's controlling shareholders, TPG and Oaktree Capital.
