D.R. Horton's Longtime CEO Donald Tomnitz Retiring

(RTTNews) - Homebuilder D.R. Horton, Inc. (DHI) said Tuesday that its Vice Chairman, President and Chief Executive Officer, Donald Tomnitz, will retire effective October 1.

Tomnitz is also retiring from the company's Board of Directors. He will remain in a consulting role with the company for three years.

The company said it has appointed David Auld, currently Executive Vice President and Chief Operating Officer, as President and Chief Executive Officer.

Auld joined D.R. Horton in 1988 as Division President of the company's Orlando Division. In 2005, he was promoted to Region President overseeing all D.R. Horton homebuilding divisions in Florida, North and South Carolina, Georgia and Alabama. In November 2013, he was promoted to Executive Vice President and Chief Operating Officer.

Tomnitz's retirement culminates an outstanding career of 31 years at D.R. Horton. He has been the company's President and Chief Executive Officer since November 1998.

Tomnitz said, "After over three decades with the company and 15 years as CEO, it's time for a new generation of leadership at D.R. Horton, and the Company is well-positioned for continued success. I am happy for David in his new role as CEO, and I look forward to continuing to work with him, D.R., and the rest of the management team in a consulting role."