Legacy Housing Corporation (NASDAQ: LEGH), the Bedford, Texas-headquartered provider of manufactured homes, has announced a shake-up of its executive leadership.
The company announced that after “a comprehensive year-long strategic review conducted by the company’s board of directors with assistance from a leading investment banking firm,” resignations were tendered by CEO Duncan Bates, Chief Financial Officer Jeff Fieldelman and General Counsel Max Africk.
As permanent replacements are being considered, company co-founder and Chairman Kenny Shipley will serve as interim CEO while Ron Arrington, a former chief financial officer, will return on an interim basis.
“The Legacy team has navigated the pandemic, rapid inflation, changes to interest rates and secular industry changes,” said Curtis Hodgson, the company co-founder and director. “Looking forward, the board of directors is focused on a team and corporate structure that will enhance Legacy’s ability to maximize the value of its assets on the balance sheet, improve efficiency in production and deliver unparalleled value to the Legacy family of homeowners.”
“At the end of the day, we want Legacy homeowners to sleep well in our homes and Legacy investors to sleep well at night owning our stock,” added Shipley.
Separately, the company debuted its “Legacy 250” initiative, which offers redesigned manufactured homes with taller roof pitches, wider floors, and vaulted ceilings. The initiative includes the new “Legacy Ultimate Series” and an optional 8×12 shed storage module.
Photo: Duncan Bates, the former CEO.
