Meet the Board of Directors of M/I Homes

M/I Homes is a leading player in the real estate industry, known for building high-quality homes across the United States. But who is behind the success of this company? Meet the esteemed Board of Directors, who play a critical role in shaping the company's strategy, direction, and decision-making processes. In this article, we will take a deeper look at the history and background of M/I Homes' board, how they are elected, their responsibilities, and their plans for the future.

The History and Background of M/I Homes

M/I Homes was founded in 1976 by Irving and Melvin Schottenstein, two brothers with a passion for building quality homes. Over the years, the company has grown significantly, expanding into 15 major markets across the United States. Today, M/I Homes is widely recognized as one of the most reputable and successful home builders in the country, with a proven track record of delivering high-quality homes that meet the needs of modern homeowners.

In addition to building quality homes, M/I Homes is also committed to sustainability and energy efficiency. The company has implemented a number of green building practices, such as using energy-efficient appliances and materials, installing low-flow plumbing fixtures, and incorporating renewable energy sources like solar panels. M/I Homes also offers homebuyers the option to add additional eco-friendly features to their homes, such as smart thermostats and electric car charging stations.

The Role of the Board of Directors in M/I Homes

The Board of Directors is a group of highly experienced and accomplished individuals who provide guidance and oversight to M/I Homes' executive management team. The board's primary responsibilities include setting overall company strategy, providing guidance and advice on major business decisions, and ensuring that the company is managed in accordance with the highest ethical and legal standards.

In addition to these primary responsibilities, the Board of Directors also plays a crucial role in ensuring that M/I Homes maintains a strong financial position. This includes overseeing the company's financial reporting and auditing processes, as well as monitoring the company's financial performance and making recommendations for improvement.

Another important role of the Board of Directors is to ensure that M/I Homes is meeting the needs of its stakeholders, including customers, employees, and shareholders. This involves regularly reviewing and assessing the company's performance in these areas, and making recommendations for improvement as needed.

How the Board of Directors is Elected in M/I Homes

The members of the Board of Directors are elected by the company's shareholders. To be eligible to serve on the board, a candidate must meet certain qualifications, including a proven track record of leadership and success in business, finance, or another relevant field. Once elected, board members serve for a fixed term of three years, after which they may seek re-election or step down.

During the election process, shareholders are given the opportunity to vote for their preferred candidates. The number of votes each shareholder can cast is proportional to the number of shares they own in the company. This means that shareholders with a larger stake in the company have a greater say in who is elected to the board. The election process is overseen by an independent third-party organization to ensure fairness and transparency.

The Current Members of the Board of Directors in M/I Homes

M/I Homes' Board of Directors is made up of 7 members, each of whom brings a unique perspective and skillset to the table. The current members of the board are:

• Robert H. Schottenstein (Chairman, President, and CEO)
• Phillip G. Creek (Retired Partner, Jones Day Law Firm)
• Ann E. DeLaVergne (Former CFO, The Howard Hughes Corporation)
• Robert L. Swartz (Retired Executive Vice President, M/I Homes)
• Anne S. Evans (Retired Partner, PwC)
• Steven W. Kimmelman (Managing Partner, DW Partners)
• Thomas R. Mason (Retired Partner, Ernst & Young LLP)

Robert H. Schottenstein has been with M/I Homes since 1985 and has served as the CEO since 1993. Under his leadership, the company has grown to become one of the largest homebuilders in the United States. Schottenstein is also actively involved in various philanthropic organizations, including the Columbus Jewish Federation and the Ohio State University Foundation.

Ann E. DeLaVergne joined the M/I Homes Board of Directors in 2019. Prior to her retirement, she served as the CFO of The Howard Hughes Corporation, a real estate development company. DeLaVergne brings extensive financial expertise to the board and has been recognized for her leadership in the industry, including being named one of the "Most Powerful Women in Finance" by American Banker.

The Experience and Background of the Board Members at M/I Homes

Each member of the board brings a wealth of experience and expertise to the table. Robert H. Schottenstein, for example, has been with M/I Homes for over 30 years and has served as CEO since 2015. Under his leadership, the company has seen significant growth and success. Phillip G. Creek, a former partner at Jones Day law firm, has extensive experience in business and corporate law, which has proven invaluable in guiding M/I Homes through complex legal and regulatory issues.

Another notable member of the board is Karen R. O'Hara, who has over 25 years of experience in the financial industry. She has held various leadership positions at JPMorgan Chase and currently serves as the Chief Financial Officer at a private equity firm. Her financial expertise has been instrumental in guiding M/I Homes through financial challenges and ensuring the company's financial stability. Additionally, John W. Schreiber, a former executive at Pulte Homes, brings extensive knowledge of the homebuilding industry to the board. His insights and experience have helped M/I Homes stay competitive in a rapidly changing market.

The Diversity and Inclusion Efforts on the Board of Directors at M/I Homes

M/I Homes is committed to fostering a culture of diversity, equity, and inclusion at all levels of the organization, including the board. The company actively seeks out board members from diverse backgrounds and with a range of perspectives, to ensure that all voices are heard and valued. Currently, the board includes two women and one person of color, reflecting the company's commitment to promoting diversity and inclusion in all aspects of its operations.

In addition to its efforts to diversify the board, M/I Homes has implemented a number of initiatives to promote inclusion and equity within the company. These include regular diversity and inclusion training for all employees, as well as the establishment of employee resource groups for underrepresented communities. The company also regularly reviews its hiring and promotion practices to ensure that they are fair and equitable for all candidates.

M/I Homes recognizes that diversity and inclusion are not just buzzwords, but essential components of a successful and thriving organization. By prioritizing these values in its board and throughout the company, M/I Homes is able to better serve its customers and communities, and create a more equitable and just society.

The Responsibilities of the Board of Directors in M/I Homes

The board's primary responsibility is to provide strategic guidance to M/I Homes' executive management team. This includes setting overall company strategy, ensuring that the company operates in accordance with the highest ethical and legal standards, and providing oversight on major business decisions. In addition, the board is responsible for managing the company's relationships with its stakeholders, including shareholders, customers, and employees.

Another important responsibility of the board of directors in M/I Homes is to ensure that the company has adequate financial resources to meet its obligations and pursue its strategic objectives. This involves overseeing the company's financial performance, approving budgets and financial plans, and monitoring the effectiveness of financial controls and risk management processes.

Furthermore, the board of directors plays a crucial role in ensuring that M/I Homes maintains a strong corporate culture and values. This includes setting the tone at the top, promoting ethical behavior and integrity throughout the organization, and fostering a diverse and inclusive workplace. The board also oversees the company's compliance with applicable laws and regulations, as well as its environmental, social, and governance (ESG) practices.

How the Board Makes Decisions and Implements Strategies at M/I Homes

The board makes decisions through a combination of individual deliberation and collective discussion and voting. Members of the board are encouraged to bring their individual expertise and perspectives to the table, and to engage in open and constructive debate with their colleagues. Once a decision is made, the board works closely with the executive management team to implement the chosen strategy and ensure that the company is moving in the right direction.

One of the key factors that the board considers when making decisions is the current state of the housing market. They analyze trends and data to determine the best course of action for the company. Additionally, the board regularly reviews the company's financial performance and sets goals for growth and profitability.

Another important aspect of the board's decision-making process is their commitment to corporate social responsibility. They consider the impact of their decisions on the environment, their employees, and the communities in which they operate. This includes initiatives such as sustainable building practices, employee volunteer programs, and charitable donations.

The Successes and Challenges Faced by the Board at M/I Homes over Time

The Board of Directors at M/I Homes has faced a number of challenges over the years, including market volatility, industry consolidation, and changing customer preferences. However, the board's strategic vision and commitment to quality have helped the company weather these challenges and emerge stronger than ever. Some of the company's biggest successes in recent years include the successful launch of new market segments and product lines, the expansion into new geographic territories, and the acquisition of key competitors.

One of the challenges that the Board at M/I Homes has faced is the shortage of skilled labor in the construction industry. This has led to increased competition for workers and higher labor costs. To address this challenge, the board has implemented training programs and partnerships with trade schools to attract and retain skilled workers. Additionally, the company has invested in technology and automation to increase efficiency and reduce the reliance on manual labor.

Another success for the Board at M/I Homes has been the company's commitment to sustainability and energy efficiency. The board has implemented green building practices and has received numerous awards for its energy-efficient homes. This commitment to sustainability not only benefits the environment but also provides cost savings for homeowners in the long run. The board's dedication to sustainability has also helped to differentiate M/I Homes from its competitors and attract environmentally conscious customers.

Future Plans and Goals for the Board of Directors at M/I Homes

The board's long-term goal is to continue building on M/I Homes' success and ensuring that the company remains a leader in the real estate industry. This includes expanding into new markets, investing in new technology and innovation, and continuing to deliver high-quality homes that meet the needs and preferences of modern homebuyers. Additionally, the board is committed to maintaining a culture of diversity, equity, and inclusion, both within the organization and in the communities it serves.

One of the key strategies that the board is pursuing to achieve its goals is to focus on sustainable building practices. This includes using eco-friendly materials, reducing waste, and implementing energy-efficient features in all of its homes. By doing so, M/I Homes aims to not only reduce its environmental impact but also provide cost savings to its customers in the long run.

Another area of focus for the board is to strengthen its partnerships with local communities and organizations. This involves collaborating with local leaders to identify and address the unique needs and challenges of each community, as well as supporting local initiatives that promote economic growth and social well-being. By working closely with its stakeholders, M/I Homes hopes to build stronger, more resilient communities that can thrive for years to come.

The Importance of Strong Leadership on the Board for M/I Homes' Success

You can't overstate the importance of strong leadership at the top of any organization, and M/I Homes is no exception. The board of directors plays a critical role in setting the direction and strategy of the company, and in ensuring that the company operates in accordance with the highest ethical and legal standards. Under the guidance of its experienced and forward-thinking board, M/I Homes is well-positioned to continue building on its legacy of excellence and achieving great things in the years to come.