On March 27, 2017, Messrs. Barry S. Sternlicht and Christopher D. Graham notified the Secretary of TRI Pointe Group, Inc. (the “Company”) of their decision to resign from the Company’s Board of Directors (the “Board”) effective immediately. This planned change to the composition of the Board follows the previously announced sale by VIII/TPC Holdings, L.L.C., a fund affiliated with Starwood Capital Group, of its shares of common stock of the Company in an underwritten offering. Prior to their resignations, Mr. Sternlicht served as the Chairman of the Board and the Chair of the Nominating and Corporate Governance Committee, and Mr. Graham served as a member of both the Audit Committee and the Executive Land Committee. The resignations of Messrs. Sternlicht and Graham were not due to any disagreement with the Company, including with respect to any matter relating to the Company’s operations, policies or practices.
In connection with the creation of these vacancies, effective March 29, 2017, the Board has appointed Mr. Steven J. Gilbert to serve as the independent Chairman of the Board. In addition, (i) the Audit Committee will be comprised of Mr. Thomas B. Rogers (Chair), Mr. Daniel S. Fulton, and Ms. Constance B. Moore, (ii) the Nominating and Corporate Governance Committee will be comprised of Mr. Gilbert (Chair), Mr. Lawrence B. Burrows, and Mr. Rogers, and (iii) the Executive Land Committee will be comprised of Mr. Fulton (Chair), Mr. Gilbert, and Mr. Burrows. The Board has also determined to decrease the size of the Board to six directors.
About TRI Pointe Group, Inc.> (NYSE:TPH) TRI Pointe Group, Inc. is a homebuilder company. The Company’s operations are organized in two principal businesses, including homebuilding and financial services. Its homebuilding operation consists of six segments: Maracay Homes, including operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; TRI Pointe Homes, consisting of operations in California and Colorado, and Winchester Homes, consisting of operations in Maryland and Virginia. Its financial services operation (TRI Pointe Solutions) includes mortgage financing operations and title services operations. Its mortgage financing operation (TRI Pointe Connect) provides mortgage financing to its homebuyers in all of its operated markets. Its title services operation (TRI Pointe Assurance) provides title examinations for its homebuyers in its Trendmaker Homes and Winchester Homes brands.
TRI Pointe Group, Inc.> (NYSE:TPH) Recent Trading Information TRI Pointe Group, Inc.> (NYSE:TPH) closed its last trading session down -0.09 at 12.86 with 1,785,262 shares trading hands.
