The CEO of Southworth Development has agreed to sell his stake in the company to his partner Joe Deitch.
David Southworth, chief executive of Southworth Development, is leaving the company he founded 15 years ago and will sell his stake to partner Joe Deitch.
Southworth, 62, will depart in January, he said in an interview this week. Neither he nor Deitch, who bought an ownership stake in the Newton company and became chairman in 2006, would discuss terms of the deal.
The company owns and operates upscale country club communities including Willowbend in Mashpee, Renaissance in Haverhill, and Creighton Farms in Virginia.
“David loves creating communities and has decided to go off to start his own company,” Deitch said in an e-mail to Willowbend members. “Can’t say that I blame him — that’s his passion and I fully support him to follow his dream.”
Deitch is chairman of Commonwealth Financial Network, a broker-dealer and financial advisory firm that he started in 1979.
Southworth got his start in the business in 1991, when Paul Fireman, then chief executive officer of sneaker maker Reebok, hired him to get Willowbend off the ground.
The two parted ways in 2005, with Fireman keeping Willowbend and the site of the future Liberty National Golf Club in New York, and the newly created Southworth Development taking a resort in Puerto Rico and contracts to manage properties for Fireman. Southworth Development bought Willowbend from Fireman in 2012.
Southworth said it was a good time for him to leave because his son Tommy had settled in as president and chief operating officer of the company, after serving as chief financial officer. Tommy has been working closely with Deitch’s son Matt, a former Boston Consulting Group project leader who is also involved in the business.
“There is and always will be a special place in my heart for Willowbend,” Southworth said. “I lived here every summer since 1992. My kids were raised here in the summers. I will continue to live here in the summer.”
Larry Edelman can be reached at larry.edelman@globe.com. Follow him on Twitter @GlobeNewsEd.
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