Change to Board of Directors of Chief Executive
Taylor Woodrow PLC
9 June 2000
TAYLOR WOODROW APPOINTS JOHN PESHKIN CEO OF COMBINED
NORTH AMERICAN OPERATIONS
Taylor Woodrow plc, the international developer, today
announces that John Peshkin has been appointed to the
newly created position of Chief Executive Officer of
Taylor Woodrow's North American operations. With
immediate effect, Taylor Woodrow's formerly separately
managed North American businesses - Monarch Development
Corporation, headquartered in Toronto; Taylor Woodrow
Communities, in Florida and Texas; and Taylor Woodrow
Homes Inc, based in California - will report to Mr
Peshkin and be progressively re-organised as four
regional businesses under one holding company structure.
Also with immediate effect Brian Johnston, formerly Chief
Financial Officer, has been appointed President of
Monarch, succeeding John Latimer, who becomes part-time
non-executive Chairman.
The appointment of Mr Peshkin, who was previously
President of Taylor Woodrow Communities, follows the
successful acquisition last month of the 45% stake in
Monarch which Taylor Woodrow did not already own.
The new combination, to be called Taylor Woodrow Inc, had
pro-forma revenues of £406 million and pre-tax profit of
£41 million in 1999.
Keith Egerton, Group Chief Executive, said 'Taylor
Woodrow has operated successfully in North America for
over forty years. The organisational complexity of our
businesses, however, combined with our lack of full
control of Monarch, has hitherto inhibited our ability to
capitalise fully on the operational efficiencies and
business opportunities we had seen in this key market.
'That has now been rectified. By creating one, cohesive
structure under John Peshkin - whose dynamic leadership
has been instrumental in establishing our position as one
of the largest developers of master planned communities
in Florida - we anticipate further, significant growth in
the profit contribution from our North American
operations.'
John Peshkin said 'This is an exciting time for Taylor
Woodrow in North America. We own a number of exceptional
quality developments in some of North America's prime
residential locations, have first class, enthusiastic
management teams and our product offerings are among the
best.'
'By combining our activities, we will not only operate
more efficiently, for instance through shared IT and
financial systems; we will also be better placed to
utilise all our skills across the businesses, sharing and
cross-fertilising best practice and responding quickly to
opportunities in our core housing and development
operations. With these actions and the purchase of
Monarch's minority interest, we expect to secure further
improvement in both our operating margins and returns on
capital.'
Notes to editors:
Monarch is one of Canada's most prominent housebuilders,
holding a particularly strong position in high rise
condominium developments in and around Toronto. Taylor
Woodrow Communities is a leading provider of high value,
master planned communities in Florida and Texas. Among
its recent acquisitions is Steiner Ranch, near Austin
Texas, an extensively amenitised development for 2,300
homes and apartments. Taylor Woodrow Homes Inc is the
largest luxury home builder and land developer in
Southern California.
Taylor Woodrow plc, the international developer, is a
leader in housing and property, supported by specialist
construction expertise. In 1999, it had revenues of £1.5
billion and pre-tax profit of £125 million
Enquiries:
Nicholas Jones
Taylor Woodrow Corporate Communications
Tel: 020 7629 1201 Mobile: 07879 433119
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