Dwight Schar, founder of Reston, Virginia-based homebuilder and mortgage lender NVR, will retire following the company’s annual shareholder meeting May 5, stepping down as chairman of the board, a position he has held since 1993.
Schar, 80, joined Ryan Homes in 1968. He left Ryan Homes to start NVHomes in 1980, and NVHomes subsequently acquired Ryan Homes to form NVR. He served as CEO through June 2005, building NVR into the third-largest homebuilder in the country.
Schar’s involvement in the D.C. community and politics has been broad, establishing the Inova Schar Cancer Institute, the George Mason University Schar School of Policy and the Ashland University Dwight Schar College of Education.
He was also a minority owner of the Washington Commanders, until last year, when team owner Dan Snyder bought out Schar’s minority stake and those of other investors.
In addition to Schar’s retirement, NVR will see other executive changes.
Longtime board members Manuel Johnson, 73, and William Moran, 75, will also step down from the board, and current CEO Paul Saville, 66, will stand for election to the board, and if elected, NVR executive Eugene Bredow, 52, would succeed Saville as chief executive.
NVR had $8.95 billion in 2021 revenue. Net income for all of last year was $1.24 billion, a 37% year-over-year increase. In addition to new home construction, NVR also operates a large residential mortgage business with $6.07 billion in closed mortgage loan production in 2021.
