The downsizing at Newport Beach-based homebuilder William Lyon Homes has extended to its board of directors, with the resignation of four members.
The privately-held company, which has cut about 250 jobs in the past year amid the slumping housing market, said in a Securities and Exchange Commission filing that four directors have resigned since mid-December.
Among the departed is Lawrence “Larry” Higby, chief executive of Lake Forest-based Apria Healthcare Group Inc.
Higby joined the board in early 2006, replacing a trio of directors who had resigned amid a dispute with Chief Executive William Lyon over his initial, failed bid to take the company that bears his name private.
Another departure is Wade Cable, the former William Lyon president and chief operating officer who retired from the company last year. Also leaving is Richard Frankel, chairman and chief executive of Newport Beach-based Duxford Financial Inc., and economist Dr. Arthur Laffer.
Laffer and Higby had been part of a committee of independent directors that endorsed Lyon’s last, successful buyout bid in late 2006.
As of early 2007, there had been 11 board members at the homebuilder, including Lyon and his son.
The company says it has no current plans to replace any of the departing directors.
