CEO steps down after SEC subpoenas Phoenix homebuilder

Phoenix Business Journal

Joseph Stegmayer has stepped down as chairman, president and CEO of Phoenix-based Cavco Industries Inc. (Nasdaq: CVCO) following a subpoena from the U.S. Securities and Exchange Commission.

Stegmayer stepped down after an internal investigation, conducted by independent legal counsel, identified violations of company policy related to securities trading activities that he conducted, according to a regulatory filing.

He will serve as director of strategic initiatives, while the board searches for…

Source: Residential News