Legacy Housing updates bylaws and appoints Curtis D. Hodgson as executive chairman

Legacy Housing Corp (NASDAQ:LEGH) announced amendments to its bylaws and a board leadership change, according to a statement filed with the Securities and Exchange Commission.

On Wednesday, the board of directors approved updates to the company’s bylaws in response to recent changes in the Texas Business Organizations Code. The amendments introduce a new ownership threshold, requiring any shareholder or group of shareholders to hold at least 3% of the company’s outstanding common stock to initiate or maintain a derivative proceeding. The revised bylaws also clarify that the exclusive forum for internal entity claims, as defined by Texas law, will be the United States District Court for the Northern District of Texas, or if that court lacks jurisdiction, the Texas Business Court or a state district court in Tarrant County, Texas. Additionally, the amendments provide for a waiver of jury trials in internal entity claims.

The company stated that, aside from these changes, the bylaws remain in effect as previously adopted.

In a separate development, the board appointed Curtis D. Hodgson as executive chairman, effective Wednesday. Hodgson co-founded Legacy Housing in 2005 and has served as a director since January 2018. He previously held the executive chairman role from January 2022 to December 2024. Kenneth E. Shipley, who served as chairman prior to Hodgson’s appointment, will continue as a board member.

This information is based on a press release statement included in the company’s SEC filing.

In other recent news, Legacy Housing Corporation reported its second-quarter 2025 earnings, which exceeded market expectations. The company achieved an earnings per share of $0.61, surpassing the projected $0.55, and generated revenue of $50.2 million, outpacing the expected $43.53 million. These results marked a notable surprise for investors, with earnings and revenue exceeding forecasts by 10.91% and 15.32%, respectively. Additionally, Legacy Housing announced significant leadership changes as part of a strategic realignment. The company’s CEO and CFO have resigned, with Kenneth Shipley appointed as interim CEO and Ron Arrington as interim CFO. Both executives will serve in their roles while the company searches for permanent replacements. The resignations were stated to be personal decisions and not due to any disagreements with the company. Furthermore, the company introduced the "Legacy 250" initiative, focusing on redesigned manufactured homes.

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