Former Freddie Mac CEO DeVito joins NVR’s board of directors

RESTON, Va. - NVR, Inc. (NYSE:NVR), a $21.9 billion homebuilder with excellent financial health according to InvestingPro, announced Tuesday the appointment of Michael J. DeVito to its Board of Directors as an independent director, effective immediately.

DeVito previously served as Chief Executive Officer and Executive Director of Federal Home Loan Mortgage Corporation (Freddie Mac) from 2021 to 2024. Before his tenure at Freddie Mac, DeVito spent 24 years at Wells Fargo & Company, where he held various senior management positions in home lending, culminating in his role as Executive Vice President and Head of Home Lending.

The appointment brings significant mortgage industry experience to NVR’s board. The company operates in two business segments: homebuilding and mortgage banking. Its homebuilding division sells and constructs homes under the Ryan Homes, NVHomes, and Heartland Homes brands across 36 metropolitan areas in 16 states and Washington, D.C.

The information in this article is based on a press release statement issued by NVR, Inc.

In other recent news, NVR, Inc. has announced a substantial stock repurchase plan authorized by its Board of Directors, allowing the buyback of up to $750 million worth of its outstanding common stock. This initiative is part of an ongoing program aimed at enhancing shareholder value and will be executed as market conditions permit. NVR’s approach to stock repurchase remains consistent with its past strategies, ensuring no shares are bought from company officers or specific employee benefit trust plans. Additionally, NVR held its Annual Meeting of Shareholders, where all director nominees were elected for one-year terms, indicating strong shareholder support for the current board and its strategies. The shareholders also approved the appointment of KPMG LLP as the company’s Independent Auditor for the fiscal year ending December 31, 2025. In a non-binding advisory vote, the compensation for NVR’s executive officers was approved, reflecting satisfaction with the alignment of pay and performance. However, a proposal to allow shareholders the right to call special meetings was not passed. These developments highlight NVR’s ongoing efforts to maintain strong governance and shareholder engagement.

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