Changes Designed to Drive Enhanced Performance, Fuel Growth and Diversify Investment Opportunities
Larry Nicholson Appointed Chairman of the Board of Mattamy Homes
TORONTO, March 4, 2019 /PRNewswire/ - Mattamy Homes ("Mattamy") today announced a strategic reorganization that will better position it to drive enhanced performance, fuel long-term growth and create enduring value for all the organization's stakeholders.
The reorganization involves the creation of a new parent company called Mattamy Asset Management Incorporated ("MAM") that is responsible for supporting Mattamy's homebuilding operations and developing a broad and diversified portfolio of investments and businesses across geographies, asset classes and the spectrum of risk and return. As a result of this change, Mattamy Homes Canada and Mattamy Homes U.S. are operating as separate, standalone businesses.
This new corporate structure, which was agreed upon and approved by Mattamy's senior management team and Board of Directors, is designed to increase the autonomy, nimbleness and profitability of Mattamy Homes Canada and Mattamy Homes U.S. It will also allow MAM to capitalize on a range of investment opportunities and strategic partnerships outside of the homebuilding industry. The significant excess cash flow generated by Mattamy Homes Canada and U.S. will allow both the de-leveraging of the homebuilding businesses and the funding of these new investments.
As part of the reorganization, Peter Gilgan will serve as Chairman and Chief Executive Officer of MAM. The other members of MAM's leadership team include current seasoned executives Bill Tofflemire and Mary Federau, who will serve as Chief Financial Officer and Executive Vice President, respectively.
Mr. Gilgan commented, "Over the years, I've had the great pleasure of watching Mattamy Homes grow into one of the largest and most accomplished homebuilding enterprises in North America. Much of this success can be attributed to a staunch aversion to complacency and a relentless commitment to continuously evolve. These same principles are central to our decision to pursue this strategic reorganization, which serves as the catalyst that will usher in an exciting new era of progress and innovation that will benefit all our stakeholders. With this change we are better positioning the organization for the future, creating a framework that enables us to support the continued growth of our homebuilding businesses, create a highly diversified, multi-cylinder investment portfolio and provide enhanced value to our customers."
Structural changes within the homebuilding organization include the appointments of Brad Carr as Chief Executive Officer of Mattamy Homes Canada and Pete Skelly as Chief Executive Officer of Mattamy Homes U.S. Larry Nicholson, who joined Mattamy's Board in 2018, has been appointed Chairman of the Board of Mattamy Homes, which will oversee both the Canadian and U.S. homebuilding operations. Mr. Nicholson has extensive experience and expertise in the homebuilding industry, having retired in 2018 as the President and Chief Executive Officer of CalAtlantic Group, the fifth largest homebuilder in the U.S.
The other members of the Mattamy Homes Board are Dave Williams, former Executive Chairman of Shoppers Drug Mart and former Chief Financial Officer and President, Eastern Canada Operations, of Loblaw Companies Ltd.; Rupert Duchesne, former Group Chief Executive of Aimia; and Margaret Whelan, Chief Executive Officer of Whelan Advisory LLC.
Mr. Gilgan continued, "The long-term success of any organization is largely contingent upon the quality and integrity of its people and advisors—and we are fortunate to have some of the best in the world. I have full confidence in the exceptional and highly experienced individuals that comprise our senior management team and Board of Directors. Knowing that they are supported by a broader team of talented professionals with diverse skillsets and backgrounds provides me peace of mind and certainty that our collective goals will be achieved."
Mr. Nicholson said, "This reorganization simplifies the operations of Mattamy Homes Canada and Mattamy Homes U.S., further improving each business's execution and enabling their respective management teams to allocate resources with a laser focus on profitable growth. By optimizing the efficiency and flexibility of two already successful platforms, we are strengthening each business's value proposition and helping to advance their strategic priorities."
The reorganization has been carefully planned and thoughtfully executed to ensure a seamless transition of responsibilities and no disruptions to the day-to-day operations of the homebuilding businesses. With greater autonomy and dedicated resources, Mattamy Homes Canada and Mattamy Homes U.S. are even better positioned to execute their respective business strategies and deliver exceptional products and value to consumers.
About Mattamy Asset Management
Mattamy Asset Management is an asset manager focused on building a diversified portfolio of investments across geographies, asset classes and the spectrum of risk and return. Mattamy Asset Management is the parent company of Mattamy Homes Canada and Mattamy Homes U.S., which together comprise the largest privately held homebuilding platform in North America. Mattamy Asset Management is committed to achieving the best-possible long-term risk-adjusted returns for its clients and functioning as a socially responsible corporate citizen.
SOURCE Mattamy Homes Limited