ARLINGTON, TX – Forestar Group Inc . (NYSE:FOR), a real estate company, announced significant changes to its Board of Directors, effective October 28, 2024. The company confirmed the resignation of long-serving Director G.F. (Rick) Ringler, III, and the appointment of two new independent directors, Kellie L. Fischer and George W. Seagraves, II.
Mr. Ringler, who held positions on the Audit Committee and Compensation Committee and served as Chair of the Nominating and Governance Committee, stepped down without citing disagreements with the company's operations or practices.
Ms. Fischer, 53, brings extensive financial expertise to the board, currently serving as the Executive Vice President and Chief Financial Officer of Rangers Baseball Express LLC. Her experience includes a tenure as Controller and Vice President of Finance of Southwest Sports Group LLC and an auditing role at PwC. A Certified Public Accountant in Texas, she holds a Bachelor of Business Administration degree in accounting from Baylor University.
Mr. Seagraves, 66, retired from a 26-year career at D.R. Horton, Inc., where he was North Region President. His background includes various senior leadership roles, such as Executive Vice President and Chief Operating Officer for the Eastern U.S. He holds a Bachelor of Science degree in landscape architecture from Texas A&M University.
The appointments expand Forestar Group's Board to six directors, five of whom are independent, with Ms. Fischer and Mr. Seagraves also joining the Audit Committee, Compensation Committee, and Nominating and Governance Committee, with Mr. Seagraves additionally taking on the role of Chair of the Nominating and Governance Committee.
Both new directors are set to receive compensation as non-employee directors, as outlined in the company’s definitive proxy statement filed on December 15, 2023, and were each granted restricted stock units valued at $140,000, vesting over three years.
InvestingPro Insights
As Forestar Group Inc. (NYSE:FOR) restructures its Board of Directors, InvestingPro data provides additional context to the company's current financial position. The company's market capitalization stands at $1.62 billion, with a price-to-earnings (P/E) ratio of 8.29, indicating a relatively low valuation compared to its earnings. This is further supported by an InvestingPro Tip highlighting that Forestar is trading at a low P/E ratio relative to its near-term earnings growth.
The company's revenue for the last twelve months as of Q3 2024 was $1.51 billion, with a notable revenue growth of 18.86% over the same period. This growth, coupled with an operating income margin of 15.27%, suggests that Forestar has been effectively managing its operations despite the challenges in the real estate sector.
An InvestingPro Tip points out that Forestar operates with a moderate level of debt, which could be seen as a positive factor in the current economic environment. This financial prudence may allow the newly appointed directors more flexibility in strategic decision-making.
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips for Forestar Group Inc., providing a deeper understanding of the company's financial health and market position.
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