D.R. Horton adds BTIG veteran Carl Reichardt, taking its board to nine directors

D.R. Horton appointed BTIG veteran Carl E. Reichardt, Jr. as an independent director effective October 22, taking the board to nine directors and leaving seven of the nine seats with independent directors, according to the Form 8-K the company filed with the Securities and Exchange Commission on October 26, 2026.

The Form 8-K D.R. Horton filed with the Securities and Exchange Commission on October 26, 2026 carries one item and no financial statements. It reports the appointment of a director rather than a quarter: the homebuilder's fiscal year ended September 30, 2026, and the filing contains no revenue, margin, earnings or guidance figures for it.

A ninth seat, and seven of nine independent

Reichardt's appointment took effect on October 22, and the filing states that the board "has expanded to nine directors, seven of whom are independent." The eight directors who preceded him were elected at the annual meeting on January 15, 2026 to hold office until the 2027 meeting, a vote in which 291,099,538 shares were eligible and 269,655,483 were represented in person or by proxy. The largest protest was 8,082,898 shares against Brad S. Anderson, and every nominee was elected. Nine seats against eight makes a 12.5% larger board, and independents now hold 77.78% of the seats.

From a BTIG partnership to the Horton board

Reichardt, 61, was a partner at BTIG from 2024 until his retirement in 2025, after serving as a managing director of the brokerage from 2016 to 2023. Before that he was chief investment officer of Hacienda Capital Partners from 2012 to 2016, a director and managing director at Wells Fargo Securities from 2003 to 2011, and held positions of increasing responsibility, including principal, at Banc of America Securities from 1993 to 2003. He holds a bachelor's degree from Georgetown University and a master of business administration from Stanford University. The filing does not say why the board chose him, and it assigns him no committee; committee appointments will be considered only after the annual meeting on January 14, 2027.

$565,000 of first-year value, 85.84% of it in stock

The seat pays $80,000 in annual cash fees, in quarterly installments of $20,000, plus an annual restricted stock unit award with a grant date value of $235,000 that vests on the first anniversary of the grant. Horton also granted a one-time new director award of $250,000 in restricted stock units, vesting in five equal annual installments starting from that first anniversary. The three disclosed components sum to $565,000 of first-year value, and $485,000 of it, or 85.84%, is stock rather than cash.

What the seat does not settle

The filing closes the usual governance questions. There is "no arrangement or understanding between Mr. Reichardt and any other person pursuant to which he was selected as a director", no family relationship with any officer or director, and no transaction that would need disclosure under Item 404(a) of Regulation S-K. Beyond that it is silent. Reichardt has not faced a shareholder vote, his committee work is undecided, and the company gave no reason for adding a ninth seat now. The next dated checkpoint is the annual meeting on January 14, 2027, after which the board will take up committee appointments and the following proxy will name the directors standing for election.