Ashton Woods' Board of Directors Elects Kenneth Balogh President and C.E.O. Tom Krobot announces plans to retire

ROSWELL, Ga., Nov. 1, 2010 /PRNewswire/ -- Ashton Woods USA L.L.C. today announced that its Board of Directors has elected Kenneth S. Balogh, currently the Company's Chief Operating Officer, as its President and Chief Executive Officer, effective January 1, 2011. Tom Krobot, who has been Ashton Woods' President and Chief Executive Officer since 1995, will remain with the Company as Senior Advisor until his retirement at the end of May 2011.  This period will allow for an orderly transition for Ken and the entire Ashton Woods team.

Ashton Woods' Board of Directors issued the following statement: "We are fortunate to have found such an experienced and talented leader within our Company to assume the role of President and Chief Executive Officer. Ken has done an excellent job in his role as Chief Operating Officer and we are confident that Ken's transition into this role will be seamless."

Jerry Patava, a member of the Board of Directors, added, "On behalf of the entire Board, the management team, and all of the employees of Ashton Woods, I would like to thank Tom for his tireless service to Ashton Woods over the past 15 years. He led the Company through a successful restructuring in 2009 and a refinancing in 2010, during a very difficult time for the homebuilding industry.  The Company's success is a testament to Tom's leadership".

Mr. Balogh stated, "As our industry recovers from this unprecedented housing recession, Ashton Woods is well-positioned for the challenges ahead. I am eager to lead our outstanding team as we prepare for the growth opportunities that lie before us."

Ken Balogh joined Ashton Woods in 2009 as its Executive Vice President, and assumed the additional role of Chief Operating Officer in March 2010.  Prior to joining Ashton Woods, Ken was with Centex Homes for 16 years, serving in various capacities, including Division President and Executive Vice President East Region.  Ken holds a degree in Finance from the University of Central Florida.

Ashton Woods Homes is one of the nation's largest private homebuilding companies, with operations in Orlando, Tampa, Atlanta, Raleigh, Dallas, Houston, Austin and Phoenix.

SOURCE Ashton Woods USA L.L.C.



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