Avatar Hires New CEO

Avatar Holdings has hired a new president and chief executive officer to replace long-time CEO Gerald D. Kelfer, who is retiring. Jon M. Donnell, 51, a veteran real estate executive who has worked at both Del Webb and Dominion Homes, will start work at the Coral Gables, Fla.-based company on November 15. Kelfer, 65, will remain as vice chairman of the board and a director at Avatar. Currently, Donnell is a principal at The Monticello Group, a real estate advisory firm based in Sarasota, Fla. Donnell co-founded Monticello, which specializes in helping lenders with distressed real estate assets. Donnell said he will be winding down that company. "I'm excited about the company," Donnell said in an interview. "I'm excited about its (real estate) portfolio of assets. I'm excited to get to know the team. And I'm really excited about the active adult community element." Donnell said he is particularly impressed with Avatar's land assets because "There is a good mix of legacy assets as well as some recently acquired assets." Donnell has more than 20 years of experience in home building, land development, and with active-adult communities, which is a prime focus for Avatar. He worked in several senior-level finance and operational positions at Del Webb Corp. between 1984 and 1995 including design, development, sales, construction, and finance at Sun City Las Vegas and Sun City Hilton Head.

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