Meritage Homes Corp. has announced that Steve Hilton, the company's co-founder, chairman, and chief executive officer, will retire as CEO effective Jan. 1, 2021. He will continue to provide guidance and oversight as the executive chairman of Meritage’s board of directors. Phillippe Lord, current chief operating officer, has been appointed to serve as CEO upon Hilton’s retirement.
Hilton has served as chairman and CEO since co-founding the company in 1985. Scottsdale, Ariz.–based Meritage Homes is currently celebrating its 35th anniversary under Hilton’s leadership. The firm, one of the largest national public home builders in the U.S., is ranked No. 7 on the latest Builder 100 list, reporting 9,267 closings in 2019.
During Hilton’s tenure, Meritage expanded across nine states through a series of acquisitions and start-up operations in more than 20 metropolitan markets coast to coast. He established Meritage as the leader in energy-efficient home building since 2010 and has driven Meritage to deliver more than 130,000 homes and achieve a market capitalization in excess of $3.5 billion.
“Steve is one of the very few entrepreneurs to launch a business and grow it into a successful multibillion-dollar public company, earning the respect of his peers, employees, and industry leaders for his passion and innovation,” said Peter Ax, lead independent director for Meritage Homes.
Phillippe Lord will succeed Hilton as CEO of Meritage Homes upon Hilton’s retirement. Lord joined Meritage in 2008, creating the company’s strategic operations and market research department, which is responsible for providing analysis and recommendations on all land acquisitions, product, and pricing. He was named chief operating officer in 2015.
“Phillippe’s vision, energy, innovative thought processes and exceptional leadership competencies make him the ideal choice to lead Meritage as CEO,” said Hilton. “He was instrumental in formulating and implementing our strategy to focus on the entry-level and first move-up markets, while driving operational excellence throughout our organization. I feel confident that Meritage will continue to be an innovative leader while providing extraordinary quality and value to our customers under his stewardship.”
Replacing Lord as the COO will be Meritage’s current East Region President, Clint Szubinski.
