Standard Pacific Corp. chief executive Ken Campbell is stepping down from the Irvine-based homebuilder at the end of the year, to be replaced by the company’s current president, Scott Stowell.
Campbell said on Monday he is resigning from his CEO role, and as a member of the company’s board of directors, at the start of 2012.
Standard Pacific is the largest homebuilder based in Orange County.
Stowel was promoted to president earlier this year, and has assumed day-to-day management of the company, according to Standard Pacific.
He will receive the title of chief executive and join the board of directors upon Campbell’s departure in January.
Campbell, a turnaround specialist, joined Standard Pacific in 2008 from New York-based hedge fund MatlinPatterson Global Advisers, the homebuilder’s dominant shareholder.
He helped bring Standard Pacific back from brink of bankruptcy. The company now counts a market value of about $460 million.
Today’s announcement wasn’t unexpected; Campbell said last year he didn’t plan to keep his current job for too long.
“I have served as Standard Pacific Homes’ CEO for almost three years, which is about as long as a restructuring guy like me should stick around,” Campbell said in a statement.
Stowell joined Standard Pacific in 1986 and has steadily moved up the company’s executive ranks, including stints as president of its Orange County division, and as chief operating officer.
