George R. Oliver
NVRAbout George R. Oliver
George R. Oliver is an independent director of NVR appointed effective October 1, 2025, and serves on the Nominating and Corporate Governance Committee . He previously served as Chairman and CEO of Johnson Controls International (2017–2025) and CEO of Tyco International (2012–2016), with earlier leadership roles at General Electric. He holds a B.S. in mechanical engineering from Worcester Polytechnic Institute and currently sits on the board of RTX Corporation. His age is 65 as of 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson Controls International plc | Chairman & Chief Executive Officer | 2017–2025 | Led integration and strategy post Tyco merger; global operations oversight . |
| Tyco International Ltd. | Chief Executive Officer & Director | 2012–2016 | Led Fire Protection, Safety Products, Electrical & Metal Products units prior to CEO role . |
| General Electric | Operational leadership roles (incl. CEO of GE Water & Process Technologies; CEO of GE Engine Services) | ~1990s–2006 | P&L leadership across industrial businesses . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| RTX Corporation | Director | 2013–present | Former Raytheon board member; continued on RTX post-merger . |
| Worcester Polytechnic Institute | Trustee | — | Board of Trustees member; Oliver is a WPI alumnus . |
| United Way of Greater Milwaukee | Director | — | Community leadership . |
| Metropolitan Milwaukee Association of Commerce | Director | — | Business community role . |
| Greater Milwaukee Committee | Director | — | Civic leadership . |
| Pro Football Hall of Fame | Board of Trustees | Appointed 2017 | Board member supporting Hall of Fame mission . |
Board Governance
- Independence: Board determined Oliver is “independent” under NYSE standards .
- Committee assignment: Nominating & Corporate Governance Committee member effective October 1, 2025 .
- Board practices: NVR’s Board held five meetings in 2024; all directors attended 100% of Board and committee meetings, and independent directors met twice in executive session . The independent lead director rotates annually among committee chairs .
- ESG oversight: The Nominating Committee sets ESG strategy and oversees ESG risk mitigation; met five times in 2024 with management briefings .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Board retainer (cash) | $75,000 | Standard for non-employee directors . |
| Committee membership retainer | $8,000 | Per committee, excludes Executive Committee . |
| Committee chair fee (if applicable) | $15,000 (Comp/NCG), $20,000 (Audit) | Only if serving as chair; Oliver currently a member, not chair . |
- Oliver’s compensation as a non-employee director is “consistent with” NVR’s policy above .
Performance Compensation
| Equity Award | Grant | Vesting/Terms | Notes |
|---|---|---|---|
| Non-qualified stock options (NVR 2018 Equity Incentive Plan) | 338 options | Terms consistent with non-employee directors’ grants; form per Exhibit 10.2 (May 14, 2018) . | Historical director grants have included both time-based and performance-based tranches; e.g., Ms. Bailey’s 2020 grant vested 50% on service and 50% on NVR Return on Capital performance . |
Performance metric (historical for equity awards):
| Metric | Threshold | Target/Maximum | Measurement Period | Calculation |
|---|---|---|---|---|
| Return on Capital (ROC) relative to peer group | 50th percentile (50% earn) | 75th percentile (100% earn; no >100% payout) | Typically 3 fiscal years | Average annual ((Pre-Tax Income + Homebuilding Interest Expense) – Taxes at 26%) divided by average quarterly (Homebuilding Debt + Shareholders’ Equity) . |
Peer groups used in recent cycles include large U.S. homebuilders (D.R. Horton, Lennar, PulteGroup, Toll Brothers, etc.) .
Other Directorships & Interlocks
| Company | Type | Potential interlock/conflict with NVR |
|---|---|---|
| RTX Corporation (defense/aerospace) | Public | No related-party transactions disclosed by NVR for 2024; no supplier/customer interlock disclosed . |
| Johnson Controls (former CEO/chairman) | Industrial/building technologies | Oliver stepped down in 2025; NVR reported no related-person transactions in 2024; Board policy requires independent review/approval of any related-person transaction . |
Expertise & Qualifications
- Deep experience in global industrial operations, building systems, and integration (Tyco–JCI merger), and public company leadership .
- Capital allocation and risk oversight context aligns with NVR’s Board focus on liquidity, land acquisition, cybersecurity, and ESG .
- Mechanical engineering background (WPI) strengthens technical oversight of operational and sustainability initiatives .
Equity Ownership
| Item | Status | Notes |
|---|---|---|
| NVR common shares beneficially owned | Not disclosed (appointed after 2025 record date) | Oliver appointed Oct 1, 2025; 2025 proxy record date was March 5, 2025 . |
| Options held (NVR) | 338 options | Granted at appointment; terms consistent with director grants . |
| Hedging/pledging of NVR stock | Prohibited | NVR policy bans short sales, hedging, and pledging by directors/executives . |
| Director stock ownership guideline | $375,000 (5× $75k retainer) | Directors must meet guideline within 3 years; staged compliance milestones (1/3 after 1 year; 2/3 after 2 years) . |
Governance Assessment
- Board effectiveness: Oliver strengthens NVR’s board with large-cap, global operations and building systems expertise, relevant to risk oversight, ESG, and strategic execution (fit for Nominating & Corporate Governance Committee) .
- Independence and alignment: Confirmed NYSE independence, strict trading pre-clearance, and anti-hedging/pledging policies support investor alignment .
- Compensation signals: Director pay is modest cash plus options, with historical performance conditioning on ROC that aligns equity with long-term returns; no repricing and strong governance features in equity plans .
- Conflicts/related parties: No related-person transactions disclosed in 2024; policy requires independent board review/approval of any such transactions (mitigates risks from prior affiliations) .
- Shareholder confidence backdrop: NVR’s “say-on-pay” approval improved to 95% in 2024 from 75% in 2023, reflecting responsive engagement and alignment; board attendance policies and independent executive sessions reinforce oversight quality .
Overall, Oliver’s appointment adds seasoned industrial leadership and governance depth with low apparent conflict risk, supportive of NVR’s long-term, returns-focused governance framework .