D.R. Horton, Inc. (NYSE:DHI) has announced the sudden passing of Donald R. Horton, the Company's Founder and Chairman of the Board of Directors. David V. Auld, the Company's Executive Vice Chairman, has been appointed by the Board to serve as Executive Chairman, effective immediately.
D.R. Horton, Inc., also known as America’s Builder, has been the largest homebuilder by volume in the United States since 2002 and has closed more than 1,000,000 homes in its over 45-year history. The Company has operations in 119 markets in 33 states across the United States and is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to over $1,000,000. It also constructs and sells both single-family and multi-family rental properties.
During the twelve-month period ended March 31, 2024, D.R. Horton closed 87,801 homes in its homebuilding operations, in addition to 6,248 single-family rental homes and 2,536 multi-family rental units in its rental operations.
The sudden passing of Donald R. Horton has left a significant impact on the company and its employees. Throughout the Company’s 46-year existence, Horton worked tirelessly to build a national homebuilding operation with a strong company culture. Under his leadership, the Company had the privilege of helping more than one million American individuals and families achieve homeownership.
David V. Auld, the newly appointed Executive Chairman, expressed his gratitude to Horton for his vision, tenacity, and never-ending drive to continue to grow and improve the Company. While Horton is impossible to replace, Auld emphasized the company's commitment to carrying on his legacy of enabling the dream of homeownership for individuals and families across the United States in every stage of their lives.
It is evident that the company has maintained a strong financial performance, indicated by the significant number of homes closed during the twelve-month period ended March 31, 2024. However, as the company navigates through this transition, it will be interesting to see how the new leadership will steer D.R. Horton, Inc. into the future. As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $151.5. If you want to know more, read the company's complete 8-K report here.
