Master developer Five Point Holdings LLC (NYSE: FPH), developer of the Great Park Neighborhoods in Irvine, has appointed Dan Hedigan as its new CEO.Hedigan last served as President of Land Sales & Home Building at Newport Beach’s Irvine Company, Orange County’s largest landowner.
He left that post, which included oversight of the company’s in-house homebuilder, Irvine Pacific, last year.
In addition, Lynn Jochim, President and Chief Operating Officer of Five Point, is stepping down from the Irvine-based company next week, the company said Wednesday.
Jochim had been the top local official for Five Point since company founder Emile Haddad stepped down from the CEO role last year.
Along with the Great Park Neighborhoods, Five Point has large housing and mixed-use projects in various stages of development in Los Angeles and the Bay Area. “In addition to the considerable residential homesites remaining in our communities, I look forward to activating our substantial commercial land opportunities as well,” Hedigan said in a statement.
Five Point is valued around $420 million. Shares were trading up after hours after the news of the new CEO.