EXHIBIT 99.1
Contact: Suzanne H. Wood
(336) 664-2400
OAKWOOD HOMES CORPORATION ANNOUNCES
EXECUTIVE MANAGEMENT CHANGES
GREENSBORO, N.C. September 20, 2000 -- Oakwood Homes Corporation (NYSE
- OH) announced today the resignation of William G. Edwards as
Chairman, Chief Executive Officer and a Director of the Company. Dennis
I. Meyer, a current member of the Company's Board of Directors, will
assume the position of Chairman. Mr. Meyer has been a member of the
Board since 1983 and will also continue as a partner with the law firm,
Baker & McKenzie.
Acting as spokesperson for the Board, Mr. Meyer stated, "We very much
appreciate Bill's leadership and contributions. Bill has led the
Company through many difficult decisions during the extremely
competitive conditions experienced over the last year. He will continue
to act as an advisor to the Board and will remain a significant
shareholder. We wish him well in his future endeavors.
"Duane D. Daggett, formerly President and Chief Operating Officer, has
been named Chief Executive Officer and elected to the Board of
Directors. Duane's primary focus will be on the development and
implementation of the Company's performance improvement plan. His broad
skill set, leadership capability and background in organizational
matters will help us meet the challenges of today's marketplace."
Prior to joining the Company in July, Mr. Daggett most recently served
as Executive in Residence at Appalachian State University's Walker
College of Business in North Carolina. He is the former Chairman,
President and Chief Executive Officer of Service Systems Corporation, a
subsidiary of R.J. Reynolds Industries. Earlier in his career, Mr.
Daggett spent 14 years with Beatrice Companies, Inc., where he served
in several positions including Executive Vice President - Domestic
Grocery Operations and President of Peter Eckrich & Sons, a major
meat-processing company.
In a separate action, Myles E. Standish, the Company's Executive Vice
President, Chief Administrative Officer and General Counsel, also was
elected to the Board of Directors. Mr. Standish has been with the
Company since 1995.
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Oakwood Homes Corporation and its subsidiaries are engaged in the
production, sale, financing and insuring of manufactured housing
throughout the United States. With approximately 378 Company-owned
stores and an extensive network of independent retailers, Oakwood Homes
is the nation's largest retailer of manufactured housing.
This press release contains certain forward-looking statements and
information based on the beliefs of the Company's management as well as
assumptions made by, and information currently available to, the
Company's management. Words like "believe" and similar expressions used
in this press release are intended to identify other such
forward-looking statements.
These forward-looking statements reflect the current views of the
Company with respect to future events and are subject to a number of
risks, including, among others, the following: competitive industry
conditions could further adversely affect our sales and profitability;
we may be unable to access sufficient capital to fund our retail
finance activities; we may recognize special charges or experience
increased costs in connection with our securitization or other
financing activities; adverse changes in governmental regulations
applicable to our business could negatively impact our business; we
could suffer losses resulting from litigation (including shareholder
class actions or other class action suits); our captive Bermuda
reinsurance subsidiary could experience significant losses; we could
experience increased credit losses or higher delinquency rates on loans
that we originate; negative changes in the general economic conditions
in our markets could adversely impact us; we could lose the services of
our key management personnel; and any other factors that generally
affect companies in our lines of business could also adversely impact
us. Should our underlying assumptions prove incorrect or should one or
more of the risks or uncertainties materialize, actual events or
results may vary materially and adversely from those described herein
as anticipated, expected, believed or estimated.
