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Taylor Morrison Home moves to adopt phased-in board declassification

Taylor Morrison Home Corp. amended its certificate of incorporation to implement a phased-in declassification of its board and to remove provisions that no longer apply after certain former principal equity holders sold their stake in the company.

The amendment went into effect May 30, following approval by shareholders at the homebuilder's annual meeting held the same day.

The board declassification will be phased in by the company's 2021 annual shareholder meeting, such that all directors elected by shareholders will serve for a term of one year.