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CALABASAS, Calif. - Ryland Group Inc. said late Tuesday it named Chief Operating Officer Larry Nicholson as its new president.
| RYL | 11.43 |  -0.07 |
Nicholson has served as COO of the homebuilder since 2007 and will continue in that role and add the responsibilities of president.
R. Chad Dreier, Ryland's chairman and chief executive officer, who previously held the title of president, will continue on as head of the company.
The Calabasas, Calif.-based company is one of the nation's largest homebuilders and a mortgage-finance company.
Shares of Ryland rose $1.14 in trading to close at $26.52 Tuesday. Shares remained largely unchanged in after-hours trading.
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