Harbor Custom Development Inc. (NASDAQ:HCDI) said it has initiated the search for a new chief financial officer (CFO) after announcing that Lance Brown, its current CFO, will be resigning from his position, effective July 21, 2023.
In the interim, the company said, Yoshi Niino, Harbor's director of accounting since February 2022, will be promoted to the role of chief accounting officer, effective July 21, 2023. Niino will assume the responsibilities of the principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes until a new CFO is appointed.
Harbor Custom noted that Niino brings a wealth of experience to his new role, having previously served as the senior internal audit manager for Weyerhaeuser and as an audit manager at Deloitte. He is a Certified Public Accountant and holds a BA in Economics and Business Administration, Accounting from the University of Washington.
In a statement, Jeff Habersetzer, Harbor Custom Development’s current chief operating officer, and expected chief executive officer, effective on July 12, 2023, commented: "We are grateful for Lance’s exceptional contribution to the Company as CFO. He has played an instrumental role in shaping our Company’s internal financial and accounting systems, and we wish him the best of luck in his future endeavors. We are confident in the strength of our financial team Lance helped build and are confident in Yoshi’s ability to shepherd the Company through its next chapter as our Chief Accounting Officer, as we look to fill the CFO position.”
Departing CFO Brown added: “I am grateful for the opportunity to serve as the Chief Financial Officer of Harbor Custom Development and have immensely enjoyed the collaboration, trust, and shared commitment of all Harbor team members. I am confident in the future of Harbor and leave proud of my contribution to the strong foundation for sustained financial success.”
The company said the decision to leave was made by Brown and does not stem from any disagreement with the company's management, board of directors, or independent auditors regarding its operations, accounting practices, financial disclosures, internal controls, policies, or practices.
Harbor Custom Development is engaged in all aspects of the land development cycle, including land acquisition, entitlements, infrastructure construction, and the marketing and sales of residential projects in various regions across the US.
The company focuses on strategic land acquisition and development based on population growth patterns, infrastructure development, and geo-economic factors to build and sell residential properties within commuting distance of major employment corridors.
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