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Cavco Appoints Urness President, Acting CEO

Dan Urness

Phoenix, Aiz.-based Cavco Industries Inc. has announced executive leadership changes.

The company’s Board of Directors has appointed Daniel Urness as president and acting CEO, effective immediately. In his new role, Urness will be responsible for the day-to-day leadership of the company, according to a press release.

Cavco also announced that Joshua Barsetti, the company’s chief accounting officer, will assume the duties of principal financial officer for purposes of financial filings and certifications.

William Boor, chairman of the company’s Audit Committee, a member of the company’s Compensation Committee and an independent member of the board since July 2008, will assume the duties of non-executive Chairman of the Board.

Daniel Urness has worked for and on behalf of the company for nearly 20 years in numerous leadership positions and has long been part of the company’s CEO succession plan. Most recently, Urness served as Cavco’s executive vice president, CFO and treasurer until August 2018, when he resigned from that position to work more closely with the company’s home building production facilities to gain additional experience as part of the company’s succession planning efforts. As executive vice president, Urness played a key role in advancing Cavco’s operational initiatives, which established the foundation for the company’s successes.

“The board fully supports Cavco’s current strategy and is confident that Dan Urness is the right person to build on our company’s success,” commented Boor. “We are fortunate to have Dan return to our executive leadership team as our new president and acting CEO.”

Joseph Stegmayer, former chairman, president and CEO, commented that “Dan Urness is a great choice to lead Cavco. He is a strong leader, with the ability to connect with customers, partners and teammates. His institutional knowledge of our company and significant industry experience will ensure a smooth leadership transition. I look forward to continuing to serve the company in my new role.”

Officials at Cavco also announced that it had received a subpoena from the Securities and Exchange Commission’s (SEC) Division of Enforcement requesting certain documents relating to, among other items, trading of the stock of another public company. Subsequent to sending the company a subpoena, the SEC sent a subpoena for documents and testimony to Joseph Stegmayer, regarding similar issues.

The company has initiated an independent investigation and intends to cooperate fully with the SEC’s investigation. 

Stegmayer stepped down from his position as chairman, president and CEO of the company after an internal investigation, conducted by independent legal counsel, identified certain violations of company policy related to securities trading activities conducted by Stegmayer.

The board’s decision to transition Stegmayer to a non-executive role allows the company to retain his “deep” industry and operational experience.

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