Long & Foster, Facing Industry Slump, Names New President

In the midst of the worst real estate market in years, Long & Foster has promoted David H. Stevens to be president and chief operating officer and lead it through what the company's top executive described as "difficult economic times."

Stevens, who replaces Brenda Shipplett, brings to the job more than two decades of mortgage finance experience as the real estate brokerage struggles to cope with the fallout of the mortgage meltdown and credit crunch.

"It's certainly going to be a tough winter for the economy, and the important thing is to look beyond that to figure out what we can do proactively to improve business results," said Stevens, 51.

Long & Foster, which recently moved to Chantilly from Fairfax, is the nation's largest privately owned real estate firm.

Since joining the company in 2006, Stevens has been president of its affiliated businesses, including the mortgage, title and insurance divisions. Before that, he was an executive at Wells Fargo Home Mortgage. He also worked at Freddie Mac and World Savings Bank, a California savings and loan.

Long & Foster founder P. Wesley Foster Jr., who will continue as chairman and chief executive of the company he owns, said Stevens' promotion is "designed to ensure the continued viability of our well-managed and financially stable company."

Shipplett, president since 2004, "has chosen to return to regional management of Long & Foster Real Estate, Inc.," according to the company's news release.