U.S. Markets open in 6 hrs 48 mins

NVR names new chief financial officer

RESTON, Va. (AP) -- NVR Inc. on Tuesday named Daniel Malzahn as the next chief financial officer of the homebuilding and mortgage banking company.

He replaces Dennis Seremet, who retired Tuesday after serving as chief financial officer since 2005. Seremet joined the company in 1988. The company announced in May that Seremet intended to retire.

NVR said that Malzahn will assume his new role Wednesday. He has worked with the company since 1994, most recently as vice president of business planning and investor relations.

The company, based in Reston, Va., builds homes under the Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Home names.

Shares of NVR fell $19.96, nearly 2 percent, to close at $1,019.74. Its shares remain at the high end of their 52-week trading range of $667.98 to $1,055.94.