The Fieldstone Group, a Newport Beach-based homebuilding company with $160 million in 1999 revenue, named Frank Foster of Irvine president of Fieldstone Communities Inc. and Fieldstone Homes Utah. Keith Johnson, who was previously president and CEO, will retain the CEO title and duties. As president, Foster will be responsible for managing operations throughout San Diego, Orange County, the Inland Empire and the state of Utah.
“Frank has been a key member of our management team for the past 14 years,” said Johnson. “Frank’s real estate finance and development expertise has helped us to move into new markets.”
Before joining Fieldstone in 1986 as a project manager, Foster was vice president and regional manager for Union Bank’s real estate loan center in Orange County. He was promoted in 1990 to regional manager and became COO in 1998.
“Keith started my transition to president back in 1998 when I was made a COO,” said Foster. “He had been planning to increase my role in the company and it was just the right time to make the move.”
Foster said his immediate goals are to further develop the company’s housing design and product lines and to refine the company’s internal processes.
Foster has been a member of the Fieldstone Board of Directors since 1992. He is also on the board of the Orangewood Children’s Foundation for Abused Children.
Foster has a bachelor’s degree in finance from San Diego State University. His interests include water sports, surfing, swimming and skiing. Foster’s wife, Janet, is a teacher at El Camino Elementary in Irvine. They have two sons: Greg, 25, who is with Fieldstone’s competitor, John Laing Homes; and Scott, 23, who is with Balboa Capital in Irvine.
