Standard Pacific executives resign in settlement

By Associated Press
February 25, 2009 | Comments (0)

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Homebuilder Standard Pacific Corp. said Wednesday Chief Financial Officer Andrew H. Parnes and general counsel Clay A. Halvorsen resigned as part of a settlement over employment-related claims.

The company did not provide details on claims. It named John M. Stephens CFO and John P. Babel general counsel.

Stephens joined the company in 1996 and has been a senior vice president since 2007. Babel joined the company in 2002 and has been a senior vice president since 2008.

Shares of Standard Pacific fell 10 cents, or 9.1 percent, to $1 in afternoon trading. The stock has traded between 87 cents and $6.85 per share over the last 52 weeks.

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