William Lyon Homes Directors Named

Newport Beach home builder William Lyon Homes said Thursday that its board has named five new directors to replace four who have resigned and to fill a newly created seat.

The overhaul of the now nine-member board follows moves by the company’s chairman, William Lyon, and his son, William H. Lyon, to take control of what was formerly called the Presley Cos.

In November, Presley bought William Lyon Homes Inc. for $42.9 million, and William Lyon became Presley’s chairman. He and his son control nearly half the stock. Last month, the company changed its name to William Lyon Homes.

After the board resignations, the company’s remaining directors elected Lyon’s son to the board along with Richard E. Frankel, former Lyon Homes vice chairman, now chairman of Duxford Financial Services’ mortgage division; William H. McFarland, former chief executive at Irvine Apartment Communities; Michael L. Meyer, former managing partner at E&Y; Kenneth Leventhal Real Estate Group; and Randolph W. Westerfield, dean of USC’s Marshall School of Business.

Those resigning from the board were Karen Sandler and Marshall Stearns of Foothill Capital Corp.; Gregory Flynn of Hampshire Equity Partners; and USC President Steven Sample.

The company’s stock rose 25 cents a share Thursday to close at $4.25 on the New York Stock Exchange.