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Contact: Ken Plonski
(602) 808-8171
For Immediate Release
DEL WEBB ANNOUNCES PLANS TO EXPAND BOARD
Phoenix, AZ (October 27, 2000) (WBB:NYSE/PCX) -- Del Webb Corporation announced
today that its board of directors, in a special meeting yesterday, unanimously
decided to bring additional shareholder representation to its board of
directors. It decided to conduct an accelerated search and add two new board
members, if no change in the composition of the board occurs as a result of the
upcoming annual meeting.
Two existing directors are retiring in 2001. It is anticipated that the retiring
board members would not be replaced, returning the size of the board to ten
members.
LeRoy Hanneman, Del Webb's President and Chief Executive Officer said "We have
been meeting with shareholders for the last several weeks and are being
responsive to their recommendations for increased board representation by
significant shareholders. We will be seeking board members who represent longer
term holders of our stock, and understand our company and its business."
"We acknowledge that one of the Pacific Partners nominees for our board is a
significant shareholder. Given that Pacific Partners has held our shares for a
relatively short period of time, and acquired the stock at some of its lowest
valuations, we do not believe their nominees would represent the views of a
broad base of our shareholders," Hanneman said.
Del Webb believes there will be many very qualified candidates who would
contribute significantly to increasing shareholder value and assessing
alternatives. We will begin to solicit candidates from institutional and other
large shareholders and act to bring these new voices to our boardroom before the
end of this calendar year.
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To access other news about Del Webb Corporation, visit the company's Internet
site at http://www.delwebb.com or call for News-by Fax at 1-800-758-5804,
extension 236610.
