Swanson Resigns as Webb Chairman
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Robert K. Swanson, 55, has resigned as chairman, chief executive and director of Del E. Webb Corp. for health reasons.
Swanson’s resignation was effective immediately. He had been the Phoenix-based company’s chief executive since 1981.
The Webb Corp.’s board of directors named Philip J. Dion, 42, Webb Corp. president and chief operating officer, as acting chief executive. Dion is also chairman of Nevada Casinos Hotels Inc.
Swanson remains managing general partner of Atlantic City Boardwalk Associates, the limited partnership which owns Claridge Casino Hotel in Atlantic City, N.J. Webb Corp. manages Claridge.
Del E. Webb Corp. reported a third-quarter loss of $65.7 million, or $7.91 per share, principally because of one-time writedowns associated with its Atlantic City, N.J., hotel and casino operations.
Another $27 million in non-recurring losses is possible in the fourth quarter, the company said.
The company has posted earnings of $60.7 million since 1982 under what had been a dramatic turnaround directed by Swanson.
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