A trio of leaders at one of the largest manufactured housing developers in the U.S. has left the company.
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Bedford, Texas-headquartered Legacy Housing Corp.’s CEO, chief financial officer and general counsel are departing after a yearlong strategic review by the company’s board of directors, the company announced Friday morning.
The resignations of the company’s executives are part of its “commitment to aligning its leadership and operations with a renewed focus on its core manufacturing competencies,” Legacy said in a press release.
Legacy Housing Corp., which was founded in 2005 and went public in 2018 as the country’s fourth-largest manufactured housing producer, builds, sells and finances both manufactured homes and “tiny houses.”
The leadership shake-up is happening as the company seeks to “maximize the value of its assets on the balance sheet” and “improve efficiency in production,” Curtis Hodgson, a co-founder and member of the company’s board, said in a statement.
The company didn't say why the CEO, CFO and top lawyer departed — its CEO and CFO left before the end of their five-year employment agreements, according to the company’s most recent annual report filed with the Securities and Exchange Commission.
Duncan Bates served as CEO from 2022 to Sept. 27. He will be replaced on an interim basis by Kenny Shipley, who co-founded the company in 2005 and was CEO between 2018 and 2022. Shipley serves as Legacy’s chairman.
Departed CFO Jeffrey Fiedelman joined in 2023, according to public records. Ron Arrington, who served as CFO from 2022 to 2023, will return as CFO on an interim basis.
The company said in SEC filings that Bates and Fiedelman’s departures were a “personal decision” and didn’t stem from disagreements with the company or its policies and operations.
The company plans to develop a management team “to prioritize operational excellence and innovation in manufacturing” going forward, according to the release.
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