Century Communities Reports Director, Officer, and Compensation Changes
Ticker: CCS · Form: 8-K · Filed: Dec 27, 2024 · CIK: 1576940
Sentiment: neutral
Topics: management-change, compensation, board-of-directors
Related Tickers: CCS
TL;DR
Century Communities shakes up board and exec pay. Big changes coming?
AI Summary
Century Communities, Inc. announced on December 27, 2024, changes related to its board of directors and executive compensation. Specifically, the company reported the departure of certain officers and the election of new directors, alongside updates to compensatory arrangements for its key executives. These changes are effective as of December 27, 2024.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in executive and director roles can introduce uncertainty regarding future strategy and leadership stability.
Key Players & Entities
- Century Communities, Inc. (company) — Registrant
- December 27, 2024 (date) — Date of Report
FAQ
Who are the specific officers that have departed from Century Communities?
The filing indicates the departure of certain officers but does not name them specifically in the provided text.
Which new directors have been elected to the board of Century Communities?
The filing states the election of directors but does not provide their names in the provided text.
What specific changes have been made to the compensatory arrangements of certain officers?
The filing mentions updates to compensatory arrangements but does not detail the specifics of these changes in the provided text.
What is the effective date of these reported changes?
The effective date for the reported changes, including director elections and officer departures, is December 27, 2024.
What is the primary business of Century Communities, Inc.?
Century Communities, Inc. is in the business of Operative Builders, as indicated by its Standard Industrial Classification code.
Filing Stats: 665 words · 3 min read · ~2 pages · Grade level 12.8 · Accepted 2024-12-27 16:15:45
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share CCS The New York Stock Ex
Filing Documents
- ef20040727_8k.htm (8-K) — 32KB
- ef20040727_ex10-1.htm (EX-10.1) — 197KB
- ef20040727_ex10-2.htm (EX-10.2) — 167KB
- 0001140361-24-050493.txt ( ) — 610KB
- ccs-20241227.xsd (EX-101.SCH) — 4KB
- ccs-20241227_lab.xml (EX-101.LAB) — 21KB
- ccs-20241227_pre.xml (EX-101.PRE) — 16KB
- ef20040727_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 27, 2024, Century Communities, Inc. (the "Company") entered into an amended and restated employment agreement (collectively, the "Amended Employment Agreements") with each of Dale Francescon and Robert J. Francescon (collectively, the "Executives"), in each case effective as of January 1, 2025. The Amended Employment Agreements, which are nearly identical in their terms, reflect the following material changes: Dale Francescon's new position as Executive Chair and Robert J. Francescon's new position as Chief Executive Officer and President, in each case effective as of January 1, 2025, thereby eliminating the Company's Co-Chief Executive Officer structure; and Elimination of the definition of "Retirement" and the payments and benefits previously provided in the case of the Executive's retirement, and in lieu thereof, the ability of the Executive to elect to serve as a strategic advisor to the Company's Board of Directors in a part-time capacity. The Amended Employment Agreements also contain certain immaterial changes intended to conform language to the foregoing changes, document the Executives' current base salaries, and provide additional clarification. The foregoing summaries of the Amended Employment Agreements do not purport to be complete and are qualified in their entirety by reference to the complete terms of the respective agreements, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated by reference herein.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Amended and Restated Employment Agreement, effective as of January 1, 2025, between Century Communities, Inc. and Dale Francescon (filed herewith) 10.2 Amended and Restated Employment Agreement, effective as of January 1, 2025, between Century Communities, Inc. and Robert J. Francescon (filed herewith) 104 The cover page from this current report on Form 8-K, formatted in Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 27, 2024 CENTURY COMMUNITIES, INC. By: /s/ J. Scott Dixon Name: J. Scott Dixon Title: Chief Financial Officer