February 26, 2009 (FinancialWire) -- Homebuilder The Ryland Group, Inc. (NYSE: RYL) said that R. Chad Dreier will retire as the firm's chief executive officer on May 29. Dreier will continue in his role as chairman. Effective May 29, Larry Nicholson will be promoted to the position of CEO, becoming president and CEO of Ryland.

Dreier joined Ryland in November 1993 as president and CEO, becoming chairman in December 1994. Nicholson joined Ryland in 1996 as a vice president of operations and subsequently ran the company's Greenville, South Carolina and Orlando divisions before his promotion to Southeast region president in 2004. He was promoted to chief operating officer in June 2007 and president in September 2008.

Calabasas, California-based Ryland is a homebuilder and mortgage-finance company operating in 15 states and 19 homebuilding divisions across the U.S.

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