PulteGroup Announced Retirement Of COO Due To New Organizational Structure (NYSE:PHM)

PulteGroup (NYSE:PHM) announced that its executive vice president and COO Steven C. Petruska will retire from the company in conjunction with a new organizational structure.

President and CEO Richard J. Dugas, Jr. will assume responsibilities for the company's homebuilding operations as the COO position is eliminated under the new structure.

Petruska said, "Since joining the company in 1984, I have had an amazing journey with PulteGroup, as we have grown from a regional builder to a national homebuilding company. Given that we are ahead of schedule with many of our merger activities and our key business initiatives are on track, this is the right time for me to retire and move on to the next chapter of my life."

The company's shares are currently trading 0.99% lower at $7.98.

SmarTrend alerted subscribers to take profits in Pulte Homes on May 06, 2010 at $11.93, since then the stock fell 33.1%. We are now watching for any positive developments that could result in a new uptrend signal.