Harbor Custom Development Inc.
05/11/2023 | Press release | Distributed by Public on 05/12/2023 09:19
Sterling Griffin to step down as CEO of Harbor Custom Development
Shawna De La Rosa
May 11, 2023
Sterling Griffin founded Harbor Custom Development in 2014 and was the housing development company's only employee.
Sterling Griffin will step down as his roles as CEO and chairman of the board of Tacoma-based Harbor Custom Development Inc. (Nasdaq: HCDI), the company announced Thursday.
The move is effective July 12.
Jeff Habersetzer, the company's chief operating officer, will take over as interim CEO and president. Lance Brown, the chief financial officer, will assume Habersetzer's role as chief operating officer.
Jeff Habersetzer will take over as interim CEO and president of Tacoma-based Harbor Custom Development.
Griffin founded the housing development company in 2014 and was the company's only employee. Harbor went public in 2020 and grew to around 70 employees last year before laying off more than half its staff in March.
"Harbor was founded as a small private builder and developer in Western Washington and is now a full-service publicly traded real estate company with assets in multiple states," Griffin said in a news release. "I am thankful to all the employees, customers, suppliers, business partners, and investors for their support these past years. I am confident in the direction and future of the company under Jeff's leadership."
Griffin will continue to serve as a non-executive strategic adviser for the company until Jan. 12, 2025. After that, he plans to retire.
Habersetzer said that while the company has come far since it was founded, there is still more work to be done.
"As we move forward, my top priority is to get us back on the path to stability and restore public trust in the HCDI brand," he said in a news release. "Our business objectives are within reach, and by utilizing our current and future asset base, I am confident in our ability to increase shareholder value."
Harbor Custom Development's stock price was $150 when it launched in August 2020, but has since plummeted to $8.72 at the close of trading Thursday.
The company listed a six-property multifamily portfolio in various stages of development in April 2022 for $278 million. So far, two of those properties are under contract for a total of $25.3 million.