Mark Cole is Named President, Retail Operations of Champion Enterprises, Inc.
AUBURN HILLS, Mich., Sept. 16 /PRNewswire/ -- Champion Enterprises, Inc. (NYSE: CHB - news), the nation's largest housing manufacturer, announced today the appointment of Mark Cole, 36, as President, Retail Operations. Cole will be responsible for Champion's national retail operations, which includes 226 home centers in 24 states. He will be based in Greensboro, North Carolina, and will report to Philip C. Surles, Chief Operating Officer.
Cole has been involved in retail operations in the manufactured housing industry for 18 years. He is currently President of Southern Showcase Housing, Inc., which was acquired by Champion in January 1998. Cole founded Southern Showcase in 1990, and increased its sales and profits at a compound annual growth rate of more than 50 percent through 1997. He was previously President of Hughes Homes of North Carolina, and associated with Southport Homes of San Antonio, Texas. Cole attended Stephen F. Austin State University in Texas.
''We are extremely pleased to have Mark lead our retail operations,'' said Surles. ''He has an outstanding reputation in the industry and is well known by many of the retailers in our organization. His broad experience in manufactured housing retail operations and proven entrepreneurial abilities are great assets to our organization.''
Cole commented, ''I am delighted to have the opportunity to be President of Champion's retail organization. Champion has assembled a truly outstanding group of retail entrepreneurs. We expect to continue to grow Champion's retail business profitably through internal expansions and acquisitions. I am pleased to be part of a terrific organization and the nation's number one manufactured housing company.''
Walter R. Young, Jr., Chairman, President and Chief Executive Officer, said, ''Champion's retail operations have grown approximately ten-fold during the past eight months through acquisitions and internal growth. Mark's addition to our senior management team provides operational oversight of our retail expansion and permits Joe Stegmayer to focus on overall strategic, financial and administrative initiatives. Joe will now serve as Executive Vice President, Chief Strategic and Financial Officer of the corporation. Our outstanding leadership team is uniquely qualified to continue to expand our high growth/high profit organization.''
Stegmayer added, ''Champion's aggressive expansion and successful acquisition program has significantly increased our future growth potential. I look forward to working closely with our experienced operations management as we pursue new strategic platforms. Our market leadership and strong operating cash flow position us well to take full advantage of new opportunities to enhance earnings.''
Since December 1997, Champion Enterprises has acquired 14 retail groups with 166 home centers, for approximately $278 million in cash, $12 million in stock, and contingent amounts based on future profits. With internal growth of 40 additional locations, Champion currently operates 226 sales centers in 24 states, and expects the number of retail centers to total 250 by year end. The company is currently ranked as the # 3 manufactured housing retailer in the country. Champion's goal is to exceed $1 billion in retail sales by the year 2000.
With 59 manufacturing facilities in 19 states and western Canada, Champion is the nation's largest producer of manufactured homes. The company's 1998 market share of U.S. HUD-code wholesale shipments through June was 18.3 percent. For the six-months ended July 4, 1998, total net sales increased 30 percent to $1.05 billion and diluted earnings from continuing operations increased 38 percent to $0.88 per share. Champion's long term goal is to increase earnings per share at a compound annual growth rate of at least 15 percent. |
