Ryland CEO Dreier To Step Down, Succeeded By President

   DOW JONES NEWSWIRES 
 

Ryland Group Inc. (RYL) said R. Chad Dreier will retire as chief executive on May 29, but will continue as chairman.

President Larry Nicholson will add the CEO title.

The executive shifts at the top of the home-building and mortgage-finance company comes amid a deep housing slump that hasn't shown signs of a turnaround.

Dreier joined Ryland in November 1993 as president and CEO and became chairman in 1994.

Nicholson, who first joined Ryland in 1996 as vice president of operations, also served as Southeast region president in 2004 before being promoted to chief operating officer in 2007 and president last September.

Last month, Ryland said its fourth-quarter net loss narrowed on fewer adjustment and impairment charges, but revenue and new orders tumbled. Ryland operates in 15 states and has 19 home-building divisions across the country.

Shares of Ryland were down 3 cents to $15.85 in after-hours trading. The company's stock has lost about half its value over the last five months, including a 10% drop this year.

-By John Kell, Dow Jones Newswires; 201-938-5285; [e-mail]