HomeMy WebLinkAboutGDC Press Release - ElectionFOR IMMEDIATE RELEASE
MIAMI, Fla. -- In a major organizational move, the Board of
Directors of General Development Corporation today elected Frederick E.
Roach president and Boyd T. Prior senior vice president.
The elections were announced by Charles H. Kellstadt, board
chairman and chief executive officer of this leading community development
concern.
Citing the appointments as an indication of the maturity of
the firm, Kellstadt praised the two executives and their roles in the
development and growth experienced by the Company in recent years.
Roach assumes the presidency nine years after joining the
firm as assistant controller. In the intervening years he advanced through
various key management positions including Controller, Vice President and
Treasurer, and Executive Vice President. Before associating with General
Development Corporation, Roach was a member of the staff of the Miami
accounting firm of Ring, Mahoney $ Amer.
He is a member of the American Institute of Certified Public
Accountants and the Dade County Chapter of the Florida Institute of
Certified Public Accountants.
A native Miamian, Roach is a graduate of Jackson High School
and the University of Florida, where he received a degree in business
administration in 1957.
Boyd Prior, as Vice President of Sales and Marketing, has
played a key role in General Development's rapid move to the forefront of
the land development industry. Under his direction, the Miami company has
. . . more
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developed a strong marketing organization recognized for its efficiency and
intrinsic integrity.
A native of Tacoma, Washington, Mr. Prior graduated from
Claremont Men's College, Claremont, California, in 1951 with a bachelor of
arts degree. For one year he served as administrative assistant for Lockheed
Aircraft, Burbank, California, then entered Harvard Business School where he
earned a master of arts degree in 1954.
Earlier, at the annual stockholders' meeting, Kellstadt
announced the Board of Directors had authorized a 20 stock dividend payable
June 29, 1970, to stockholders of record on May 28, 1970. He said the
dividend "reflects the excellent overall results achieved during 1969 and
the bright prospects for the years ahead."
The dividend will increase the company's total of common
shares outstanding to more than 9,600,000.
Kellstadt told stockholders sales and earnings continue the
strong growth recorded in 1969. Sales for the first quarter, which ended
March 31, surpassed the previous sales record established in the first three
months of 1969. Net income advanced at a faster pace, rising to $3,517,000,
a 16% increase over earnings for the comparable period one year ago. Mr.
Kellstadt noted that April, the first month of the current quarter, was the
best month in the Company's history.
In forecasting continued growth for his firm, Kellstadt
observed that the nation's economy is fundamentally sound.
"In my opinion, this recession is more apparent than real.
The resiliency of our economy, in the face of the administration's efforts
to curb inflation, is remarkable and demonstrates intrinsic strength," he said.
FROM: Public Relations Dept. ###
General Development Corporation
1111 So. Bayshore Dr., Miami, Fla.
Tel. 350-1256 5/13/70 /sk