PulteGroup slashes executive contracts

A management consolidation plan at PulteGroup, the country’s second largest home builder in terms of annual sales, has resulted in the termination of as many as 10 executive contracts, though a decision on a total number of layoffs has not yet been reached, according to the Wall Street Journal.

Pulte has been struggling since it acquired Texas’ Centax for $1.3 billion in 2009 and has only had one profitable quarter since. It has $1 billion in charges related to the purchase. The company also lost $40 million last quarter.

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Pulte reduced its operations from six regions to four last year. Bay area and Sacramento divisions are being amalgamated along with the New Mexico and Colorado offices and the Illinois and St. Louis offices.

PulteGroup announced its new Northeast Corridor division serving the markets of Metro New York, New Jersey, Delaware Valley and Philadelphia in 2010.[WSJ]