PulteGroup Names New CEO to Replace Richard Dugas

Homebuilder PulteGroup Inc. said its president, Ryan Marshall, will take over immediately as chief executive officer.

Marshall will replace Richard Dugas, who will remain as executive chairman of the board until the company's 2017 shareholder meeting, according to a statement Thursday. Dugas had announced that he would retire next year after Bill Pulte, the company's founder and largest shareholder, began pressing for an immediate leadership change.

"After a thorough evaluation of internal and external candidates, the board determined that Ryan was clearly the best-qualified person to lead PulteGroup as it continues to implement its value-creation strategy," Patrick J. O'Leary, leader of the board's CEO search committee, said in the statement.

Bill Pulte's grandson, who shares his name, was appointed to the board, the company said in a separate statement.