Prominent Tacoma housing development firm announces another change among top leaders
Another top executive is leaving Tacoma-based Harbor Custom Development.
The former Gig-Harbor based company in a Monday news release said that Lance Brown, its chief financial officer, is resigning effective July 21.
“Mr. Brown’s decision to resign does not relate to any disagreement with the company’s management, the board of directors ..., or the company’s independent auditors regarding any matter pertaining to the company’s operations, accounting practices, financial disclosures, internal controls, policies, or practices,” Harbor Custom Development said in its release.
The company has started a search for a new CFO, it added.
In a statement, Brown said, “I am confident in the future of Harbor and leave proud of my contribution to the strong foundation for sustained financial success.”
Harbor’s director of accounting, Yoshi Niino, is set to become chief accounting officer starting July 21. In the release, the company said Niino would provide ”the duties of the company’s principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes until the Company hires a new CFO.”
The news comes one month after the announcement of a planned departure for the company’s founder and CEO, Sterling Griffin. In May, the company said Griffin was exiting July 12 and would serve “as a non-executive strategic advisor through January 12, 2025.”
Chief operating officer Jeff Habersetzer is expected to be the company’s next CEO as of July 12, according to Monday’s release.
So far, 2023 has brought other changes to the company as its fourth quarter and full year earnings took a hit amid broader economic real estate forces. The company in the past few years has pivoted to developing multifamily housing in the South Sound and Kitsap Peninsula. The publicly traded company last year finished Pacific Ridge, 8445 Pacific Ave. in Tacoma. It was initially planned to be condominiums, later switching to apartments.
The company in March announced it was downsizing its land development infrastructure division, lowering the company’s total staff by 56%, and sold off $7.5 million in heavy equipment used by the division.
Brown at the time stated, “Downsizing the land development infrastructure division and wrapping up our fee build projects and quarry operations is a good outcome for us as these projects had a negative impact on our 2022 cash flows and financial results.”
In remarks Monday thanking Brown for his work, Habersetzer said, “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.”
Before his time with Harbor Custom Development, according to the release, Niino was senior internal audit manager for Weyerhaeuser and served in that same title at Deloitte.
