SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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DEL WEBB CORPORATION
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<PAGE>
October 31, 2000
Dear Shareholder:
This will be the last letter you receive from me before this Thursday's Annual
Meeting. I know the recent "battle of the press releases" has been confusing and
distracting, but I want to take one last opportunity to express my passion for
delivering to you enhanced shareholder value.
In recent meetings with many of our largest shareholders, one message came
through loud and clear, you want MORE FOCUS AND REPRESENTATION AIMED AT
INCREASING SHAREHOLDER VALUE. One immediate response to that is our commitment
to expand our Board to bring new shareholder perspectives into our boardroom
this year. We intend to work with our large shareholders in the selection
process, so you can be further assured your interests are represented.
During this, my first year as your CEO, we have staked out a bold and innovative
new plan for Del Webb. This strategic plan began to take hold in our first
quarter and was evidenced in the company's strong financial performance. What I
heard from our shareholders these past weeks is we need to accelerate our plan.
We will do just that. Our new plan is one that I believe will improve our
financial metrics and thereby shareholder value. It will leverage homebuilding's
most recognizable brand to take advantage of more rewarding business models and
it will capitalize on our ability to provide new products and services to a
target market that, according to census estimates, will increase five-fold in
the next 10 years.
Our long-term shareholders are well aware Del Webb is squarely in the path of a
tidal wave of 75 million baby boomers. Industry analysts confirm this regularly.
Our mission is to use our brand's strength and our leadership position to
increase shareholder value. Yet, as we are poised on this threshold, we have
some short-term shareholders trying to push us toward hasty decisions.
The Board of Directors takes its responsibility to shareholders very seriously,
including the current evaluation of J.F. Shea's interest. Our response to a
serious business combination offer made in 1998 should make it clear that we
were then and now open to strategic business alternatives. You would expect
nothing less from us. With respect to Shea, our financial advisers met today
with Shea's advisers and had an informative meeting. More discussions are
expected.
It is my solid commitment to you, that I will foster wise and energetic
leadership at Del Webb. We believe that the decision to include two long-term
shareholders on the Board will provide us with fresh insight. We did not arrive
at this opportune moment in time through good fortune. We are here through a
combination of decades of knowledge, management commitment and business acumen.
It is my sincere hope that you will endorse my leadership toward a new era at
Del Webb. I will demonstrate that our plan is well conceived and that it will be
aggressively executed. The plan has one purpose: To deliver shareholder value in
the short and long term. That's my mission, my passion. I ask you for the
opportunity to deliver on those promises.
Please feel free to call me directly to discuss any questions or concerns you
have.
Sincerely,
LeRoy C. Hanneman, Jr.
Chief Executive Officer
