Roger W. Schipke has become chairman and chief executive officer of the Columbia-based Ryland Group Inc. as expected.
The board of directors yesterday elected Schipke to replace Charles E. "Ted" Peck, who is retiring after reaching the age of 65 on Dec. 1.
Under Peck's leadership from 1981 to 1989, Ryland's stockholders' equity grew from $44 million to $206 million.
Peck joined Ryland in 1977 as a member of the board of directors. He was with Owens-Corning Fiberglas Corp. from 1949 to 1981.
Schipke, 53, has been president of the company since May 1990. He came to Ryland from GE, where he was senior vice president, GE Appliances, from 1981 to 1990. Revenues at GE Appliances more than doubled under his management.
"Although he is assuming the leadership role in a difficult time for the homebuilding industry, our mortgage finance operations are continuing to grow, and I believe that upcoming market conditions will provide Roger with as many opportunities as challenges in the future," Peck said.
"His experience in managing large businesses will help Ryland achieve its goal of significant long-term growth."
Schipke said that he believes Ryland will profit from a consolidation within the building industry as smaller companies fail during the difficult economic times.
"Although consumer confidence levels are low, and the end to the slump in the housing market is difficult to forecast because it isn't interest-rate driven, we see opportunities in the long term," he said.
In other business, the board declared a regular dividend of 15 cents a share to holders of record on Jan. 15, payable Jan. 30.
Ryland earned $17.9 million, or $1.25 a share, during the first nine months. Revenues were $334 million.
Ryland is one of the nation's most diversified homebuilders, with operations in 17 states and more than 30 markets. Ryland Mortgage Co., its wholly owned subsidiary, originates and services mortgages, issues and administers mortgage-backed securities and manages RAC Income Fund and RAC Mortgage Investment Corp., a real estate investment trust.