Red Bank, N.J., Nov. 4 — Hovnanian Enterprises, Inc., a leading national homebuilder, announced today that its Board of Directors has appointed Ara K. Hovnanian as Chairman of its Board of Directors, in addition to his positions as President and Chief Executive Officer of the Company.
Mr. Ara K. Hovnanian will succeed Mr. Kevork S. Hovnanian, the founder of the Company, who served as Chairman of the Board of Directors up until his death in September 2009.
"Ara's thirty years of service to the Company, vast industry expertise and his close relationship with our past chairman, uniquely qualify him for this role," commented Stephen D. Weinroth, a Director of the Company. "Kevork S. Hovnanian was the founder of our Company and a tremendous resource for the past fifty years both in good times and more importantly in difficult times. He will be a hard act to follow."
Edward A. Kangas, a Director of the Company, continued, "However, we are confident that under Ara's leadership as Chairman, that he will be able to carry on the tradition of a strong leader that his father set and successfully navigate the Company through this challenging economic environment. Ara is the right leader for the Company."
Mr. Ara K. Hovnanian has been with the Company for more than 30 years and has served as its President since 1988 and its Chief Executive Officer since July 1997. He has served as a director on the Company's Board of Directors since 1981. Mr. Ara K. Hovnanian has played a key role in the growth of the Company over this time period.
About Hovnanian Enterprises
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes.
