Green Brick Partners names new interim CFO

PLANO, TX - Green Brick Partners Inc. (NYSE:GRBK), a real estate and construction company with annual revenues of $2.1 billion and an impressive 27% return on equity, announced a significant change in its executive team earlier this week. According to InvestingPro data, the company maintains excellent financial health with a "GREAT" overall rating. On Monday, the company disclosed the departure of Richard A. Costello, the long-serving Chief Financial Officer and Principal Accounting Officer, effective immediately. Costello’s resignation ends an eleven-year tenure with the company since 2014.

Stepping into the role is Jeffery Cox, who has been appointed as the Interim Chief Financial Officer and Principal Accounting Officer, starting from the same day as Costello’s departure. Cox, 45, comes with a wealth of experience in the homebuilding industry, having served as Green Brick Partners’ Senior Vice President of Finance since June 2023. His prior roles include Regional Vice President of Finance, West Coast, at Richmond American Homes (NYSE:AMH) from October 2020 to June 2023, and Division Controller at Lennar (NYSE:LEN) from July 2016 to October 2020.

Cox’s educational background includes a B.S. degree in accounting from Brigham Young University and a Master of Science in accounting from the University of Utah - David Eccles School of Business. The company’s announcement made it clear that there are no further arrangements or understandings behind Cox’s appointment. Additionally, there are no familial ties or related party transactions between Cox and other directors or executive officers of the company that would necessitate disclosure under SEC regulations.

This executive shift comes amid a period of strategic moves for Green Brick Partners, as the company has recently launched a wholly-owned mortgage subsidiary and oversees operations of its wholly-owned title company, Green Brick Title, both of which have been led by Cox. The company’s strong financial position is evident in its exceptional liquidity, with current assets exceeding short-term obligations by over 10 times. InvestingPro analysis suggests the stock is currently undervalued, trading at an attractive P/E ratio of 7.Want deeper insights? InvestingPro subscribers have access to over 10 additional exclusive ProTips and a comprehensive research report for Green Brick Partners, along with detailed financial metrics and expert analysis.

The information provided in this article is based on a press release statement from Green Brick Partners, Inc., as filed with the Securities and Exchange Commission.

In other recent news, Green Brick Partners reported its Q4 2024 earnings, revealing an earnings per share (EPS) of $2.31, exceeding the forecast of $2.07. The company’s revenue for the quarter was $557 million, slightly below the expected $562.48 million. Despite the minor revenue miss, the company achieved a 24% year-over-year revenue growth and a 46% increase in EPS. Net income for the quarter rose by 42% to $104 million. Green Brick Partners plans to significantly increase its land development spending by 46% to $300 million in 2025. The company also announced the expansion of its Trophy brand into the Houston market as part of its growth strategy. Additionally, Green Brick Partners authorized a $100 million share repurchase program, reflecting confidence in its financial health and strategic direction. The company’s focus on affordable housing and expansion into high-growth markets continues to be a key aspect of its business model.

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