Forestar Group is changing its board leadership: Executive Chairman Donald J. Tomnitz will retire effective October 31, and President and CEO Anthony W. Oxley will take over as Executive Chairman on November 1 while retaining the CEO role. The company also appointed a new director to fill Tomnitz’s board seat and set a later departure for another director.
Tomnitz will remain involved as a strategic adviser during the transition, under an agreement that can be ended by either side.
Key details
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Tomnitz’s transition role: He will provide advisory services through September 30, 2028, and receive $41,667 per month. His outstanding restricted stock and performance stock awards will continue to vest under their existing terms; performance awards remain tied to meeting their goals. He will also retain healthcare benefits and is subject to confidentiality, non-compete and non-solicitation commitments.
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Oxley’s expanded role: Oxley becomes Executive Chairman effective November 1 and will continue as President and CEO. D.R. Horton designated him for the chairmanship under its stockholder agreement with Forestar.
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New director: Stacey H. Dwyer will join the board November 1, filling the vacancy created by Tomnitz’s retirement. The board will remain at seven members, six of them independent. Dwyer will serve on the Audit, Compensation, and Nominating and Governance committees and is a stockholder designee under the company’s agreement with D.R. Horton.
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Dwyer’s background and compensation: Dwyer has more than 35 years of experience in homebuilding and land development. She previously held senior finance roles at D.R. Horton, including executive vice president and treasurer, and was CFO of United Development Funding IV. She will receive the standard compensation for non-employee directors and restricted stock units worth $100,000, vesting in equal portions over three years.
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Another board change in 2027: Director Samuel R. Fuller will not be nominated for re-election at the 2027 annual meeting. He will continue serving until that meeting.
What changes: Oxley will combine the CEO and Executive Chairman roles, while Tomnitz shifts to a paid advisory role. Dwyer’s appointment fills the immediate board vacancy without changing the board’s size or the number of independent directors. D.R. Horton’s role in designating both Oxley and Dwyer is set out in its stockholder agreement with Forestar.