Standard Pacific’s board of directors has elected Ken Campbell as president and CEO. Campbell succeeds Jeffrey V. Peterson, who has stepped down as chairman, CEO and president. He is continuing as a director of the company.
Campbell is a partner of MatlinPatterson Global Advisors, a private equity firm, and is Standard Pacific's largest shareholder.
Ronald R. Foell, current director and co-founder of the company will be non-executive chairman of the board. Foell has more than 40 years of home-building experience and served as president of Standard Pacific from 1969 through 1996.
"We are pleased that Ken Campbell has agreed to serve as the company's new president and chief executive officer," Mr. Foell stated. "We believe that Ken's extensive experience in restructuring operations, achieving cost savings and developing more efficient operations will complement the company's ongoing efforts in these areas and will help the company to return to its position as a profitable, market-leading home builder."
The Irvine, Calif.-based home builder operates in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.