PICO HOLDINGS: Subsidiary Hires James Pirrello as CFO

As originally appeared in Troubled Company Reporter, by Geoffrey J. Bailey

On January 19, 2016, UCP, Inc., (UCP:NYSE) of San Jose, Calif., a subsidiary of PICO Holdings, announced that James M. Pirrello will immediately replace William J. La Herran, as UCP’s Chief Financial Officer. Mr. La Herran has agreed to assist UCP to facilitate the transition.

Mr. Pirrello brings over 30 years of financial and operating experience at public and large regional homebuilders. Mr. Pirrello will lead all aspects of UCP’s finance, accounting, SEC reporting and capital markets functions, as part of UCP’s executive management team. Mr. Pirrello has significant capital markets experience, having negotiated over $3 billion of debt and equity financing, and has led over 20 merger and acquisition transactions. During his tenure as the Chief Financial Officer of public and large privately-owned homebuilders, Mr. Pirrello has had significant success implementing financial planning and analysis systems, recapitalizations and competitive growth strategies. His experience includes tenures at Pulte Homes, NVR, First Homebuilders of Florida, The Fortress Group, BCB Homes and Sivage Homes.

Mr. Pirrello earned two MBAs, both with honors, from Columbia University and the University of California, Berkeley. He has an undergraduate degree in accounting from Juniata College.

“We are pleased to welcome Jamie, who brings a wealth of diverse financial and operating experience across the homebuilding industry, to our company,” stated Dustin Bogue, Chief Executive Officer of UCP. “Jamie joins us at a truly exciting time, as we continue to make meaningful progress towards unlocking significant value from our portfolio. Jamie’s proven track record of implementing and leading successful and disciplined financial operations is a solid match for our long term growth strategy. We look forward to his positive contributions as we enter new markets, open additional communities and grow our deliveries in the coming years.”

Mr. Pirrello said, “I am thrilled to join the UCP team as the company continues to rapidly expand its operations. UCP has made immense strides to establish itself as a leader in its attractive homebuilding markets. As the homebuilding industry continues to strengthen as a result of strong employment growth, low interest rates and significant pent-up demand, it is a great time join UCP as the company capitalizes on the industry’s resurgence. I look forward to working with Dustin and the talented team at UCP as we execute on the company’s long term growth strategy.”