T.W. Lewis President Egan Steps Down

Even as pockets of the Phoenix residential real estate market--particularly for finished home lots at dramatically repriced levels--continue to show the first faint signs of a pulse, home builder operators are hunkered down for a tough go of it for the foreseeable future in an embattled economy and a glutted supply of homes for sale. Especially, private home builders. Kevin Egan, T.W. Lewis president and COO since 2004, announced that he will leave the company, effective March 1. The move, driven by a need to preserve cash as a harsh outlook for new-home demand continues to bedevil Phoenix's new-home market beyond visible limits, was Egan's own decision. Egan's choice to step down echoes that of other high-level private home building company executives--e.g., Melbourne, Fla.-based Holiday Builders' Kim Shelpman last April, and, in August 2008, CEO Tom Eggleston resigned from Indianapolis-based now-defunct home builder C.P. Morgan--who've chosen to identify themselves as a cost savings amid a housing recession that has probably reduced corporate and field associate ranks among home builders by as much as 60% to 70%.

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