Austin-based Forestar Group Inc. on Thursday announced that CEO Phillip Weber will resign Dec. 28, just months after one of the country’s largest homebuilders acquired a majority stake in the company.
Weber will be replaced by Daniel Bartok, a Forestar Group board member with more than 35 years of real estate experience, most recently with Wells Fargo Bank, the company said in a regulatory filing.
The change in leadership comes almost three months after Forestar Group shareholders approved a $560 million majority acquisition by D.R. Horton Inc., the Texas-based homebuilder. Horton closed the acquisition in October after winning a bidding war with Starwood Capital Group.
Prior to the transaction, Forestar Group had said it would remain a public company to retain access to public capital markets and secure funds for new land deals and other transactions. It also said it would continue to run its residential and mixed-use real estate development operations from Austin.
At the time of the deal, the companies said former D.R. Horton CEO Donald Tomnitz and members of the existing Forestar Group management team would run the division. According to Thursday’s regulatory filing, the company expects Weber will assist with Bartok’s transition into the CEO role.
Weber will receive nearly $2.6 million and other benefits with his resignation, according to the regulatory filing.
D.R. Horton’s acquisition closed one of the final chapters on the former Temple-Inland Inc., which once was one of Austin’s few Fortune 500 companies. Forestar Group was the largest piece spun off from Temple-Inland in 2007.
With Amazon’s acquisition of Whole Foods Market earlier this year, Dell Technologies remains the only Austin representative on the Fortune 500 list today, ranking No. 41 on the 2017 list.