Standard Pacific Corp. has replaced its chief financial officer and general counsel, the Irvine-based homebuilder said on Wednesday.
John Stephens, formerly a senior vice president and corporate controller at Standard Pacific, was named CFO.
He replaces Andrew Parnes, who resigned Tuesday, the company said. Parnes had served as Standard Pacific’s CFO since 1996.
Also being promoted is John Babel, who was appointed general counsel and secretary.
Babel joined Standard Pacific in 2002 as the company’s associate general counsel.
Babel replaces Clay Halvorsen, who resigned last week. Halvorsen had been the company’s general counsel since 1998.
Both Stephens and Babel will receive a base salary of $400,000, along with 300,000 stock options, and are eligible for bonuses, the company said in a regulatory filing.
The changes are the latest under Chief Executive Ken Campbell, a turnaround specialist tapped late last year to take over the homebuilder.
Campbell hails from New York-based MatlinPatterson Global Advisors LLC, which invested in Standard Pacific in 2007.
The private equity firm owns two-thirds of Standard Pacific but is capped at a 49% voting stake.
