Standard Pacific, the Irvine, Calif.-based home builder, has named Jeffrey V. Peterson as the company’s new CEO and chairman.

Peterson replaces Stephen J. Scarborough, who earlier announced his retirement.

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 company’s nominating and corporate governance committee and a member of the executive and compensation committees, according to the company.

Prior to his new management role at the company, he engaged in private investment, including in real estate, and served as a managing director of Trust Company of the West, a Los Angeles-based investment management firm.

Standard Pacific operates primarily in southern and western housing markets, including California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.