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Tomnitz retiring after 15 years as CEO at D.R. Horton [Fort Worth Star-Telegram](Fort Worth Star-Telegram (TX) Via Acquire Media NewsEdge) Sept. 30--FORT WORTH -- Donald Tomnitz will retire today as president and chief executive officer of Fort Worth-based D.R. Horton, the company said Tuesday, after leading the home builder through the housing boom of the last decade, the bust of the Great Recession and, most recently, a rebound. David Auld, 57, who was promoted to chief operating officer in November after serving as a regional president for eight years, will replace Tomnitz immediately. Horton ended its fiscal year Tuesday. Tomnitz, 65, will remain in a consulting role with the company for three years but will no longer serve on the board. "I have been privileged to help build and lead the largest homebuilding company in the United States," Tomnitz said in a statement. "After over three decades with the company and 15 years as CEO, it's time for a new generation of leadership at D.R. Horton." The announcement was made after the close of trading. Horton shares (ticker: DRH) fell 21 cents Tuesday to close at $20.52 on the New York Stock Exchange. Donald R. Horton, the company's founder and chairman, said he is grateful for Tomnitz's leadership, particularly in helping the company grow during its early years. "Don has developed many strong leaders in our organization who will carry on the tradition of hands-on, authentic and accountable leadership that is a key to our company's success," Horton said. Through the first nine months of the fiscal year, D.R. Horton reported net income of $367.6 million on revenue of $5.4 billion. Tomnitz started at D.R. Horton in 1983 as a vice president. He had been a vice president at RepublicBank Dallas and a vice president of Crow Development Co., a Trammell Crow company. Auld joined Horton in 1988. In 2005, he was promoted to regional president overseeing divisions in Florida, North and South Carolina, Georgia and Alabama, which accounted for about one-third of home-building revenue in fiscal 2013. In November, he was promoted to executive vice president and chief operating officer. Before joining Horton, Auld worked for Texas American Bank and General Dynamics. Michael Murray, senior vice president of business development who joined Horton in 2002, was promoted to executive vice president and chief operating officer. Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST ___ (c)2014 the Fort Worth Star-Telegram Visit the Fort Worth Star-Telegram at www.star-telegram.com Distributed by MCT Information Services |