Five Point Holdings, a major land developer of planned communities across California’s coastal areas, including the Great Park neighborhood of Irvine, announced in an August 23 statement that Emil Haddad, the company’s founder, would step down from his role as CEO, president and Will go away President.
Despite stepping away from his roles in leading the company, Haddad will still remain as a member of the board of directors and become a senior advisor, where he will be able to take initiatives and focus on the company’s strategic direction, as well as Five Point Chief Financial Officer Eric Higgins told The Epoch Times that there are new ventures and initiatives the company may consider pursuing in the future.
“[Haddad] He’s stepping away from his day-to-day responsibilities as CEO of a public company, but he’s not going anywhere,” Higgins said.
“They founded the company in 2009, we went public in 2017, and the company got established, it’s really achieved a lot and is on a really solid level. We have huge irreplaceable assets, a very strong balance sheet And we have a management team that you know proves we can execute.
Higgins continued, “So from Emil’s point of view, he’s very passionate about deal-making, visionary thinking, strategic thinking, and I think that moving away from his day-to-day role as a CEO gives him those opportunities.” is going to enable us to pursue initiatives that will help move Five Points to the next level.”
After Haddad stepped down on September 30, the company ultimately decided not to name a new executive officer and instead named Stuart Miller as executive chairman and Lynn Joachim as company president. Miller will work with Haddad on the strategic direction of the company while Joachim will focus on running the company’s operations.
“We’re just reconfiguring it in a way that will take advantage of everyone’s strengths, really help us increase shareholder value,” Higgins said.
“Between Lynn, Stuart and Emil, we’ve really got all the components in place, those roles that a typical CEO fills, and the board didn’t see the added value in naming or searching for a CEO when we looked at Emil, Stuart.” And seeing Lynn working together has really worked to accomplish the same mission.”
Higgins said that in the short term, people won’t see much change in the direction of the company, but in the medium and long term, under the new leadership, the company is hoping to get to “the next level.”
Five Points — which has developments in Orange County, Los Angeles County and San Francisco County — are designed to include 40,000 residential homes and nearly 23 million square feet of commercial space in developing areas, making them one of the largest developers of the composite. Builds one of – use communities in Coastal California.
This News Originally From – The Epoch Times