Forestar Group Inc. (NYSE: FOR) has appointed Phillip J. Weber, chairman of the company’s Real Estate Investment Committee and formerly executive vice president – Water Resources, as CEO, following the announcement that James M. DeCosmo, president and CEO, stepped down Sept. 25.
Prior to joining Forestar, Weber served in key executive positions at the Federal National Mortgage Association (Fannie Mae), including leadership of Fannie Mae’s multifamily business. He was also elected to the board of directors.
In addition, the company has made two key appointments in its core real estate business. Michael Quinley has been promoted to president – Community Development, and Charles T. Etheredge Jr. has been promoted to president – Multifamily. Quinley has over 30 years of real estate development experience and has been serving as executive vice president – Real Estate, East Region. Etheredge has over 25 years of real estate industry experience and has been leading Forestar’s Multifamily business as executive vice president – Multifamily Operations.
With this announcement of new leadership and previously announced strategy in place, Kenneth M. Jastrow II, long-time Forestar non-executive chairman, has informed the board that he will not stand for reelection in 2016 and will retire from the board of directors effective Dec. 31. In order to facilitate an orderly transition of board leadership, Jastrow requested that the board identify a successor to serve as non-executive chairman of the board, effective immediately. The board elected James A. Rubright as its new leader.
James A. Johnson has notified the board that he will also not stand for reelection in 2016 and will retire from the board of directors, effective Dec. 31.
Forestar Group operates in three business segments: real estate, oil and gas, and other natural resources. The oil and gas segment includes approximately 935,000 net acres of oil and gas mineral interests, with approximately 590,000 acres of fee ownership located principally in Texas, Louisiana, Georgia, and Alabama, and approximately 345,000 net acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota, and Texas. These leasehold interests include about 9,000 net mineral acres in the core of the Bakken and Three Forks formations.