PulteGroup Inc.founder Bill Pulte again expressed his disappointment over CEO Richard Dugas Jr.'sleadership and the company's "inadequate" performance under his oversight.
Citing Dugas' "lack of performance and repeated bad decision-making,"the former PulteGroup chairman and CEO said in a letter made public April 4 thatthe company needs new leadership and argued that Dugas' decision to at the May 2017 annual shareholdermeeting "falls far short of the short-term leadership change" needed forthe company and its shareholders.
Pulte, who is PulteGroup's biggest stockholder, also took issuewith the board's decision not to nominateJames Grosfeld to stand for election as a director due in part to "differingpoints of view" between him and the other independent directors regarding successionplanning and business strategy. He called such a move an attempt to block any opposingviews on management and strategy, which negates "good corporate governance."
Pulte called on the company's board to expedite the successionplan for Dugas and recommended that an "experienced and seasoned homebuildingoperator" be hired as the company's new CEO.