Southern California-based Ryland Group (NYSE:RYL) has a new COO.
On Tuesday, the homebuilder announced that it has promoted 25-year Ryland veteran and Homebuilding Operations Group President Pete Skelly to the position of company chief operating officer. This promotion became effective yesterday, Monday, June 3.
The company noted that it has also taken division presidents Alan Goldsticker and Tom Jacobs, from Indianapolis and Houston, respectively, and made them both area presidents under Skelly. The company's various divisions across the country will now report to Skelly through them.
Last quarter, Ryland's sales grew 74% in comparison with the year-ago quarter. Company CEO Larry Nicholson explained that Ryland's "current rate of growth and improving profitability has created the need for additional leadership opportunities," necessitating the reshuffle.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.