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Scarborough Out as Standard Pacific CEO

Stephen Scarborough is out at Standard Pacific Corp., the Irvine-based homebuilder said on Thursday.

Scarborough, chairman, chief executive and president of Standard Pacific, is retiring after a 27-year career with Orange County’s largest homebuilder.

He’s been replaced by Jeffrey Peterson, who has served as a director of Standard Pacific since 2001 and as lead independent director since 2004.

The executive change comes as Standard Pacific has been working to lighten its debt load and shed assets amid the tough housing market.

The company counts a market value of about $340 million, down from more than $2 billion in mid-2005.

In a conference call, Peterson praised Standard Pacific’s management team for their recent efforts in generating cash and selling off land and projects, but said the board felt that more urgency was needed to be given to the company’s long-term strategy.

“We will move quickly and decisively” on long-term issues facing the company, he said.

Peterson had been engaged in private investment for the past few years. From 1992 to 2005, he served as a managing director for Los Angeles-based Trust Company of the West.

Peterson, 62, said the contract for his new job is open-ended, and is not an interim position.

Scarborough started with the company in 1981, acting as president of Standard Pacific’s Orange, Los Angeles, San Bernardino and Riverside divisions.

He was elected president in 1996, appointed CEO in 2000, and chairman in 2001. He was inducted into the California Building Industry Hall of Fame in 2000.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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