Red Clay Renovations case study

Red Clay Renovations case study

Red Clay Renovations is an internationally recognized, awarding winning firm that specializes in the renovation and rehabilitation of residential buildings and dwellings. The company specializes in updating homes using “smart home” and “Internet of Things” technologies while maintaining period correct architectural characteristics. The company’s primary line of business is Home Remodeling Services (NAICS 236118).
Corporate Governance& Management
Red Clay Renovations was incorporated in the State of Delaware in 1991 and is privately held. (Its stock is not publicly traded on a stock exchange.)The company maintains a legal presence (“Corporate Headquarters”) in Delaware to satisfy laws relating to its status as a Delaware corporation. The company has a five member Board of Directors (BoD). The Chief Executive Officer (CEO) and Chief Financial Officer (CFO) each own 25% of the corporation’s stock; both serve on the BoD. The CEO is the chair person for the BoD. The three additional members of the BoD are elected from the remaining stock holders and each serve for a three year term. The BoD provides oversight for the company’s operations as required by state and federal laws. Its primary purpose is to protect the interests of stockholders. Under state and federal law, the BoD has a fiduciary duty to ensure that the corporation is managed for the benefit of the stockholders (see http://www.nolo.com/legal-encyclopedia/fiduciary-responsibility-corporations.html). The BoD has adopted a centrally managed “Governance, Risk, and Compliance” (GRC) methodology to ensure that the corporation meets the expectations of stakeholders while complying with legal and regulatory requirements.
The company’s senior management includes the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Director of Architecture & Construction Services (A&C), Director of Customer Relations (CR), Director of Human Resources (HR), the Director of Information Technology Services (ITS), and the Director of Marketing and Media (M&M). The Director of ITS is dual-hatted as the company’s Chief Information Security Officer (CISO). These individuals constitute the Executive Board for the company and are responsible for implementing the business strategies, policies, and plans approved by the BoD. A separately constituted IT Governance Board is chaired by the Chief Operating Officer. The five directors (A&C, CR, HR, ITS, and M&M) serve as members of the IT Governance board. This board considers all matters related to the acquisition, management, and operation of the company’s information technology resources.
The CEO, CFO, and COO have been with the company since it started in 1991. The Directors for A&C, CR, and HR have over 20 years each with the company. The