Long & Foster Names New President

By Maryann Haggerty

In the midst of the worst real estate market in years, Long & Foster Cos. has promoted David H. Stevens to president and chief operating officer.

Stevens, 51, has a background in finance, not brokerage. Since 2006, when he joined the company, he has been president of Long & Foster Affiliated Businesses, the division that handles mortgage, title and insurance. Before that, he was with Wells Fargo Home Mortgage and Freddie Mac.

He replaces Brenda Shipplett, president since 2004. She "has chosen to return to regional management of Long & Foster Real Estate Inc.," according to the company's news release.

Long & Foster, which recently moved to a new headquarters building in Chantilly, is the nation's largest privately owned real estate firm.

Founder P. Wesley Foster Jr. continues at the top of the company he owns, retaining the titles of chairman and chief executive. "The appointment of Dave Stevens to be president of the Long & Foster Cos. is designed to ensure the continued viability of our well-managed and financially stable company during these difficult economic times," Foster said in a statement. "Dave has the financial background and strategic thinking necessary to lead Long & Foster forward into the new reality imposed upon our industry by the nationwide liquidity and credit crisis."

By Terri Rupar  |  October 23, 2008; 12:38 PM ET  | Category:  Economy Watch , Real Estate
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