Trading Markets (press release)
Homebuilder leaves legacy of philanthropy: Hovnanian "heart and soul"
dies at 86
Sep 25, 2009 (Asbury Park Press – McClatchy-Tribune Information
Services via COMTEX) — HOV | Quote | Chart | News | PowerRating —
Kevork S. Hovnanian, the founder and chairman of Hovnanian Enterprises
Inc., a company that grew to become one of the country’s largest
homebuilders, died Thursday, the company announced.
Hovnanian, an 86-year-old Rumson resident, died at New York
Presbyterian Hospital.
Hovnanian, a Rumson resident, founded the company in 1959 and led the
homebuilder until 1997, when his son Ara succeeded him as president
and chief executive officer.
"Mr. Hovnanian was the heart and soul of our company and all of our
associates mourn this tragic loss. Our deepest condolences and prayers
are with Mr. Hovnanian’s wife, Sirwart, and his entire family,"
J. Larry Sorsby, executive vice president and chief financial officer,
said in a statement. "Mr. Hovnanian was a visionary who brought
tremendous leadership, energy and passion to his job.
"He made an indelible mark on this company and on the community, where
he felt a responsibility and a deep commitment to share his good
fortunes," Sorsby said.
Hovnanian’s efforts reached into the community through his
philanthropic commitments and legacy.
They included the K. Hovnanian Children’s Hospital at Jersey Shore
University Medical Center in Neptune and the K. Hovnanian Pavilion at
the Alton A. Hovnanian Emergency Care Center at Riverview Medical
Center in Red Bank. He also donated to New York Presbyterian Hospital
in New York City, which named its cardiology practice area in honor of
the K. Hovnanian family.
He supported Armenian causes, such as the construction of St. Stepanos
Armenian Church in the Elberon section of Long Branch, in memory of
his mother. He also built housing for earthquake victims in Armenia,
and donated a townhouse for the Armenian Mission to the United Nations
in New York City.
Steven G. Littleson, president of J
een "great friends" to Meridian Health.
"For many years, Kevork’s name was synonymous with hard work, ethical
business practices, and community support," Littleson said in a
statement. "Words cannot express how proud we are to have the
Hovnanian name associated with Meridian or how much we appreciate
Kevork’s generosity."
Kevork Hovnanian was the eldest of four sons of Stepan K. Hovnanian, a
refugee from Armenia who ran a construction business in Iraq that
contracted with oil companies, said Mukul Pandya, author of a 2001
biography, "Kevork S. Hovnanian: His Vision and Journey Toward
Success."
When his father became ill, Kevork Hovnanian quit school and took over
the family business, which eventually employed 12,000 people, said
Pandya, now editor-in-chief of Knowledge at Wharton, a Web site of the
Wharton School of Business at the University of
Pennsylvania. Hovnanian fled Iraq after a 1958 coup overturned the
government.
"I remember his wife said, "Now that you’re in America, you can build
another company and no one will take it away from you,’ " Pandya said.
Hovnanian, with his three brothers Hirair, Jirair and Vahac, founded a
company in a trailer in Toms River that would become Hovnanian
Enterprises. While his brothers left to start their own companies,
Hovnanian Enterprises has grown into the sixth-largest
U.S. homebuilder and the biggest in New Jersey.
The company has built many well-known developments in Monmouth County,
such as Covered Bridge in Manalapan and Shadow Lake Village in
Middletown. The company moved its headquarters from Middletown to Red
Bank, on the banks of the Navesink River, in 2006.
Now the company has operations in 18 states, including Arizona,
California, Florida, New York and Pennsylvania.
Hovnanian Enterprises also is one of the nation’s largest builders of
active adult homes with its Four Seasons communities.
Michael H. Karmatz, president of the New Jersey Builders Association,
called Hovnanian an "industry vanguard."
"Kevork’s generosity extended well-beyond his philanth
s, which the association realized most notably through his involvement
and leadership and through that of his officers and staff, whose
collective contributions to the NJBA and the homebuilding industry are
immeasurable," Karmatz said.
Hovnanian is survived by his wife of more than 60 years, Sirwart
(Emily), five children and 13 grandchildren.
A memorial service will be held on Oct. 3 at Saint Vartan Armenian
Cathedral, 630 Second Ave., New York, N.Y., tentatively scheduled at
11 a.m.
In lieu of flowers please send donations to Fund for Armenian Relief,
630 Second Ave. New York, N.Y. 10016-4806 or Saint Stepanos Armenian
Church Endowment Trust Fund,1184 Ocean Ave. Elberon, NJ 07740.
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For full details on Hovnanian Enterprises A (HOV) click here. Hovnanian
Enterprises A (HOV) has Short Term PowerRatings of 8. Details on
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This Link.
From: Emil Lazarian | Ararat NewsPress
