TECHNICAL OLYMPIC S.A.
New Chief Financial Officer at the Group's subsidiary TOUSA Inc.
TECHNICAL OLYMPIC GROUP?s management informs the investment community that its subsidiary TOUSA Inc. informed the Securities and Exchange Commission (SEC) that on January 15, 2008, Stephen M. Wagman, the Chief Financial Officer and an Executive Vice President of the subsidiary TOUSA, Inc. informed the Company that he intends to resign as principal financial officer of, and from all other positions with, TOUSA effective January 18, 2008. Mr. Wagman entered into an agreement with TOUSA to terminate his existing employment agreement and to act as a consultant through the end of May 2008. The agreement provides for mutual releases (including certain amounts otherwise owed to Mr. Wagman), continuation of confidentiality requirements, payment to Mr. Wagman of $212,333 and earned vacation time, and COBRA reimbursement during the four month period.
Tommy L. McAden, who serves as Executive Vice President and is a Director of the Company, has been named Chief Financial Officer of the Company and therefore principal financial officer. Mr. McAden's employment agreement has been amended to reflect his new position and provide for a base salary of $750,000 per annum with a target bonus of an equal amount.
Mr. McAden has been a director of TOUSA and Executive Vice President since May 2005. Mr. McAden served as Senior Vice President from April 2004 to May 2005. Mr. McAden also served as Vice President of Finance and Administration, Chief Financial Officer, and Treasurer from June 2002 to April 2004. Mr. McAden served as a director, Vice President, and Chief Financial Officer of Tecnhical Olympic Inc. (TOI), a predecessor of the Company, from January 2000 to June 2002. From 1994 to December 1999, Mr. McAden was Chief Accounting Officer of Pacific USA Holdings Corp. and Chief Financial Officer of Pacific Realty Group, Inc., which was NEWMARK HOMES former 80% stockholder.
More information is available at the website of the US Securities and Exchange Commission (SEC), www.sec.gov, as well as our subsidiary TOUSA website, www.tousa.com.
Tommy L. McAden, who serves as Executive Vice President and is a Director of the Company, has been named Chief Financial Officer of the Company and therefore principal financial officer. Mr. McAden's employment agreement has been amended to reflect his new position and provide for a base salary of $750,000 per annum with a target bonus of an equal amount.
Mr. McAden has been a director of TOUSA and Executive Vice President since May 2005. Mr. McAden served as Senior Vice President from April 2004 to May 2005. Mr. McAden also served as Vice President of Finance and Administration, Chief Financial Officer, and Treasurer from June 2002 to April 2004. Mr. McAden served as a director, Vice President, and Chief Financial Officer of Tecnhical Olympic Inc. (TOI), a predecessor of the Company, from January 2000 to June 2002. From 1994 to December 1999, Mr. McAden was Chief Accounting Officer of Pacific USA Holdings Corp. and Chief Financial Officer of Pacific Realty Group, Inc., which was NEWMARK HOMES former 80% stockholder.
More information is available at the website of the US Securities and Exchange Commission (SEC), www.sec.gov, as well as our subsidiary TOUSA website, www.tousa.com.