COLUMBIA, Md., Oct. 25 /PRNewswire/ -- The Ryland Group, Inc. (NYSE: RYL) today announced that it will move its corporate headquarters from Maryland to Southern California by July 2000 in order to take advantage of favorable business conditions for the housing industry and operate in key markets targeted for future growth. The new corporate office will be located in the Conejo Valley in Southern California. A specific office site has not yet been identified.
"This has been a difficult decision to make, but one that supports our strategy and growth goals," said Ryland Chairman, President, and CEO R. Chad Dreier. "Columbia, Maryland has been Ryland's hometown since 1967, and the Baltimore metropolitan area is a wonderful place to live and work, but as the pace of the marketplace and the industry continues to accelerate, the landscape of our industry has changed. As a result, it is important to be in a key housing market and on the forefront of trends in order to seize the right opportunities for the long-term benefit of our stakeholders as a whole," Dreier added.
Ryland employs approximately 115 employees in various capacities at the corporate office, of which approximately 15 are expected to maintain positions on the corporate staff. Ryland will provide the remaining employees with outplacement counseling and packages to assist in their career transitions. Ryland's local operations in Baltimore, which employ 85 people, are not affected by the move and will continue to aggressively pursue growth strategies in Maryland.
"It is important to note that our main concerns are to respond to the individual needs of our corporate employees, as well as the business, and financial community. We are meeting individually with each of our employees at corporate and we are doing whatever we can reasonably do to accommodate the personal situations of each and every employee affected by this change," said Dreier. "We will also be focused on managing the transition from Baltimore to Southern California so that the ongoing management of Ryland's business can be handled effectively," Dreier added.
The company also noted that it will continue to contribute to local community organizations over a two- to three-year period and has informed those organizations of the company's plan to gradually reduce contributions so that they can best plan for future funding. The company said that it would fully support the Baltimore division as it replaces the company's corporate presence in the metropolitan area.
Ryland is one of the nation's largest homebuilders and a leading mortgage-finance company. Founded in 1967, the company has built more than 160,000 homes and currently operates in 21 markets across the country.
SOURCE The Ryland Group