Pulte Homes founder to retire

William J. Pulte, the founder of Pulte Homes, one of the largest house builders in the US is to retire. The 77-year old is to stand down from the Board of Directors on March 31, but will remain in an advisory position for two years with the title of 'Founder and Chairman Emeritus."

Mr Pulte said, "I was 18 years old in 1950 when I started construction on my first house, making 2010 my 60th anniversary in the building business. With 2010 marking six decades in business, with out merger with Centex complete and a great, proven leadership team in place, and, hopefully with the worst of this housing cycle behind us, this feels like the right time to officially step away from the business."

Mr Pulte has been chairman of the Board of Directors since December 2001. He will not be replaced on the Pulte Board, reducing the number of directors to 11.

Mr Pulte said he intends to remain a major shareholder in the company. According to filings made in early February, he holds 32.5 million shares in the company, representing about 8.5% of the total shares outstanding.