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BEDFORD, Texas - Legacy Housing Corporation (NASDAQ:LEGH), a manufactured housing company with a market capitalization of $525 million, announced Friday a company-wide realignment including a management restructuring and the introduction of its new "Legacy 250" initiative focused on redesigned manufactured homes.
The company revealed that its Chief Executive Officer, Chief Financial Officer, and General Counsel have resigned following a year-long strategic review by the board of directors. Company co-founder and Chairman Kenny Shipley will serve as interim CEO while veteran Ron Arrington steps in as interim CFO. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.93 and holds more cash than debt on its balance sheet.
According to the company, the leadership transition aims to align management with a renewed focus on core manufacturing competencies. The board is currently evaluating candidates for permanent positions.
Alongside the management changes, Legacy unveiled its "Legacy 250" initiative, which introduces redesigned manufactured homes featuring taller roof pitches, wider floors, and vaulted ceilings. The initiative includes the new "Legacy Ultimate Series" and an optional 8x12 shed storage module.
"Legacy homes are taller, wider and better," said company co-founder and director Curtis Hodgson in the press release.
The company also announced the implementation of energy-efficient features, including 21 SEER concealed-duct mini-split heat pumps located entirely under the home to maximize interior living space.
Legacy Housing manufactures and sells manufactured homes and tiny houses through independent retailers, company-owned stores, and direct sales to manufactured housing communities. The company primarily operates in the southern United States with homes ranging from 395 to 2,667 square feet and retail prices between $33,000 and $180,000. With a gross profit margin of 45.4% and earnings per share of $2.23 over the last twelve months, InvestingPro analysis indicates the company is currently trading slightly below its Fair Value. Discover 12 additional exclusive ProTips and comprehensive metrics with an InvestingPro subscription.
The information in this article is based on a company press release.
In other recent news, Legacy Housing Corporation reported strong second-quarter 2025 earnings, surpassing market expectations. The company achieved an earnings per share of $0.61, exceeding the forecasted $0.55, which represents a 10.91% surprise. Revenue also outperformed projections, totaling $50.2 million compared to the anticipated $43.53 million, a 15.32% surprise. In addition to these financial results, Legacy Housing announced leadership changes within the company. Chief Financial Officer Jeffrey M. Fiedelman resigned, with Ronald C. Arrington appointed as Interim CFO. Furthermore, President and CEO Robert Duncan Bates also resigned, and Kenneth E. Shipley, the co-founder and executive vice president, was named interim CEO. Both departures were stated to be personal decisions, not related to disagreements with the company. These developments reflect a period of transition for Legacy Housing as it continues to seek permanent replacements for its leadership roles.
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