Standard Pacific Corp. Board Elects Jeffrey V. Peterson as Chairman, President, and Chief Executive Officer

IRVINE, Calif., March 20 /PRNewswire-FirstCall/ -- Standard Pacific Corp. announced today that its Board of Directors elected lead independent director Jeffrey V. Peterson, 62, as Chairman, President and Chief Executive Officer. The Board also announced that Stephen J. Scarborough has retired after 27 years with the company.

Mr. Peterson has served as a director of Standard Pacific since 2001 and as lead independent director since 2004. He also served as Chairman of the Nominating and Corporate Governance Committee and a member of the Executive and Compensation Committees. Prior to his new management role at the company, he engaged in private investment, including in real estate. Before that, Mr. Peterson served as a Managing Director of Trust Company of the West, a Los Angeles-based investment management firm with more than $150 billion in assets. During his business career, he also served as a Managing Director of Kidder, Peabody & Co.

"I am honored to take on the role of leading Standard Pacific during a time of tremendous challenges and opportunities," Mr. Peterson stated. "My charter is to lead our management team and company through these difficult times, and to build upon Standard Pacific's outstanding reputation and the strength of its employees, management and products, which continue to win awards. Our company's excellence has always resulted from the total team. I can reassure our key constituencies that this team will continue to move forward. I envision my work as directing our company forward with a sense of urgency on current challenges while also building a strategy and foundation for long-term success."

Mr. Peterson went on to state that "I also want to take a moment to acknowledge Steve Scarborough's many accomplishments and exemplary character. We wish him the very best in the future."

In addition to his private investing and work in finance, Mr. Peterson has served on many other boards of academic and philanthropic organizations, including the American Hospital of Paris, the American Heart Association, Pitzer College, and the Lowe Institute of Claremont McKenna College. He holds a BS degree from the University of Southern California and an MBA degree from Stanford University. Mr. Peterson and his wife, Eva, have three children and reside in the Los Angeles area.

Mr. Peterson's prior role as lead independent director will be assumed by Ronald R. Foell, a founder of Standard Pacific and director since 1967. Mr. Foell served as president of the Company from 1969 through 1996.

Conference Call

A conference call to introduce Jeffrey Peterson to investors and analysts will be held today from 5:30 to 5:50 pm Eastern time. The call will be broadcast live over the Internet and can be accessed through the Company's website at http://standardpacifichomes.com/ir. The call will also be accessible via telephone by dialing (888) 218-8142 (domestic) or (913) 312-0854 (international); Passcode: 4189058. The entire audio transmission will also be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 4189058.

About Standard Pacific

Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 101,000 families during its 41-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Standard Pacific Mortgage, Inc., SPH Home Mortgage, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments, please visit our website at: http://www.standardpacifichomes.com/.