William Lyon Homes announced that its Board of Directors has elected Matthew R. Zaist, currently the company's President and Chief Operating Officer, as its co-Chief Executive Officer and President, effective immediately, to serve alongside William H. Lyon, the company's current Chief Executive Officer and Director, in co-CEO roles. Also effective immediately, Mr. Lyon will assume the newly created director role of Vice Chairman of the Board, a position formed as part of the company's board succession planning initiatives. General William Lyon will continue to serve as the company's Executive Chairman and Chairman of the Board of Directors.

The co-Chief Executive Officers will report to the Board of Directors and continue to work together to establish, implement and direct long-range goals, strategies, plans and policies for the Company. All legal and enterprise risk management, human resources and information technology functions will continue to report to William H. Lyon as co-CEO. Mr. Lyon will also serve as Chair of the company's Executive Committee.

In addition, in his new role as Vice Chairman of the Board, Mr. Lyon will assume additional responsibilities at the board level and provide support to the Chairman of the Board. As co-CEO and President, Mr. Zaist will have direct responsibility and authority over the management of the operational and financial aspects of the business, and all homebuilding operations and corporate finance functions will report to him as co-CEO. Mr. Zaist will continue to serve as Chair of the company's Land Committee and Vice Chair of the Executive Committee.