PHOENIX, Aug 9, 2021 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) (“Cavco” or the “Company”) today announced that it has appointed Allison K. Aden as Executive Vice President and Chief has finance officer, effective from August 30, 2021.
In her new role, Ms. Aden will lead Cavco’s financial reporting, accounting, tax, treasury, information technology and finance-related operations. She will also serve as a member of the company’s executive leadership team, reporting to Bill Boor, president and chief executive officer.
“We are very excited to welcome Allison to the Cavco leadership team,” said Boor. “With a proven track record in rigorous and fast-paced environments in both public and private equity firms, she has demonstrated success as a collaborative business partner, problem solver, and results-driven executive.”
“I look forward to working closely with Bill, the executive team and the board of directors to build on Cavco’s growth and success,” added Ms. Aden. “I am enjoying the opportunity to draw on my experience to provide the company with strategic finance management and insights.”
Allison K. Aden’s wallpaper
Ms. Aden brings significant financial, business and operational experience to Cavco. From July 2018 to August 2021, she was Executive Vice President, Chief Financial Officer of Diversified Technologies, an industry-leading technology solutions provider that provides innovative digital media, collaboration, broadcasting, electronic security and integrated IT solutions. Prior to joining Diversified Technologies, Ms. Aden was Executive Vice President, Chief Financial Officer of Schweitzer-Mauduit International (NYSE: SWM), a leading global provider of high-tech solutions and advanced materials for a variety of industries, from 2015 to 2018. Additional experience includes financial management positions at Americold Logistics, Recall Corporation, LNR Property Corporation, PRG-Schultz International, Hewlett-Packard and McKesson Corporation.
Ms. Aden earned her bachelor’s degree in finance from the University of Missouri – Columbia and a master of business administration from the University of Missouri – St. Louis. She is a Certified Public Accountant and a Chartered Global Management Accountant. Ms. Aden is a member of the American Institute of Certified Public Accountants and the Georgia Society of CPAs.
About Cavco Industries, Inc.
Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and manufactures factory-built residential products that are primarily sold through a network of independent and company-owned retailers. We are one of the largest prefabricated house manufacturers in the United States based on reported wholesale shipments and are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle, and Destiny. We are also a leading manufacturer of parking models for mobile homes, holiday cabins and system-built commercial buildings as well as modular houses. Cavco’s financing subsidiary, CountryPlace Mortgage, is a licensed seller / service provider to Fannie Mae and Freddie Mac and an issuer of Ginnie Mae mortgage-backed securities, providing compliant mortgages, non-compliant mortgages and home-only loans to factory house buyers. Our insurance subsidiary Standard Casualty offers property and casualty insurance to prefabricated house owners. For more information about Cavco, please visit https://www.cavco.com.
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In general, all statements that are not historical in nature are forward-looking. Forward-looking statements are typically included in, for example, discussions about the prefabricated house industry; our financial performance and operating results; and the expected impact of certain risks and uncertainties on our business, financial condition and results of operations. All forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. As a result, our actual results or performance could differ materially from our expected results or performance. Factors that could cause such discrepancies include, but are not limited to: the impact of local or national emergencies, including the COVID-19 pandemic, including those effects of state and federal regulatory measures that limit our ability to conduct business in the normal course of and impact ( i) customer demand and the availability of financing for our products, (ii) our supply chain and the availability of raw materials to manufacture our products, (iii) the availability of labor and the health and safety of our workforce, and (iv) our liquidity and our access to the capital markets; Labor shortages and pricing and availability of raw materials; our ability to successfully integrate past acquisitions or future acquisitions and to reap the anticipated benefits from such acquisitions; Engaging in vertically integrated businesses, including prefabricated consumer finance, commercial finance, and insurance; Information technology failures or cyber incidents; our participation in certain funding programs for the purchase of our products by industrial traders and consumers, which may expose us to additional risk of credit loss; significant warranty and construction defect claims; our contingent buyback obligations in connection with the wholesale financing; a depreciation of all or part of our goodwill; our ability to maintain relationships with independent distributors; our business and activities are concentrated in specific geographic regions; state and regulatory disruptions, including prolonged delays by Congress and the President in approving budgets or continuing grant decisions to facilitate the work of the federal government; Limiting available funding from home-only lenders; Availability of wholesale finance and limited floor plan lenders; Market forces and fluctuations in housing demand; the cyclical and seasonal nature of our business; Contest; general deterioration in the economic situation and turbulence in the financial markets; unfavorable zone regulations; comprehensive regulation of the manufacture and sale of prefabricated houses; the potential financial impact on the company from the subpoenas we received from the SEC and its ongoing investigations, including the risk of potential litigation or regulatory action and costs and expenses arising from the subpoenas and the SEC investigation and those in the Events described or covered by the SEC will result in subpoenas and investigations that include the Company’s indemnity obligations and insurance costs relating to such matters and potential reputational damage that the Company may suffer; Losses not covered by our directors and officers insurance, which can be large and adversely affect financial performance; Loss of one of our officers; Liquidity and ability to raise capital can be limited; Provisions of organizational documents that delay or complicate a change of control; and volatility of the stock price; along with any other risks described in our filings with the SEC. Readers are cautioned to note the risk factors set out in Item 1A of the Company’s Annual Report on Form 10-K for the 3rd of those contained in the forward-looking statements. Cavco expressly disclaims any obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise. Investors should not place undue reliance on such forward-looking statements.
For more information, please contact:
On the Internet: www.cavco.com
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