A boardroom shuffle hidden in a recent securities filing suggests that PulteGroup (PHM) - Get Report , one of the largest U.S. homebuilders, is moving definitively in the share-price catalyst direction sought by activist investor Elliott Management's Paul Singer and former CEO William Pulte.

In a proxy statement issued last month, PulteGroup noted that the company's lead independent director, James Postl, was not renominated for the company's 2017 annual meeting, set for May 3. In addition, a director installed as part of a July settlement with Elliott Management, John Peshkin, a real estate and homebuilding expert, was appointed chairman of the finance and investment committee, which is in charge of land investments.

Postl's resignation, Peshkin's installation and the removal late last year of Richard Dugas from the CEO position all suggest that a former regime is being cleared out in favor of a new Elliott-backed group.

The boardroom shuffle was highlighted in a report by relationship mapping service BoardEx, a service of TheStreet.

The changes come after Peshkin and two other Elliott Management-supported directors were installed on the company's board in July as part of a settlement. The two moves represent a major victory for the activists and former CEO, William Pulte, who also had launched a campaign for change at the company. Pulte said in an April 2016 statement that it is his "strong conviction" that Postl has to resign. Pulte argued that Postl worked with former CEO Richard Dugas on the company's 2009 $3.1 billion acquisition of Centex, which he argued lost significant shareholders value. Expect that Elliott Management, which came in to provide a professional activist boost to William Pulte's campaign, feels the same way about Postl as well.

Perhaps more importantly Peshkin's appointment as PulteGroup's chairman of the finance and investment committee suggests that the homebuilder could move further to moderate the growth of its land investments. (PulteGroup in July already committed to slow its land spending). The company could also move to monetize, or divest, a big chunk of its large land balance. William Pulte argued in April 2016 that the company should be focused on greater organic delivery of homes on its existing land, not on further increasing its exposure to land. Pulte owns an 8.9% stake while Elliott, according to people familiar with the situation, own a 4.7% stake.

In July at the same time as the Elliott settlement, PulteGroup moved to hike its authorized share repurchase program by $1 billion to $1.5 billion, setting out a plan to buy back $250 million in each of the third and fourth quarter of 2016 and $1 billion in 2017. So far the homebuilder has remained faithful to that plan: It noted in January that its cash balance was $723 million after repurchasing $252 million in shares in the fourth quarter of 2016. The homebuilder also said in October that it had bought back $250 million in shares in the third quarter of 2016. PulteGroup's shares are up a bit since the settlement in July sent its stock price upwards to about $22 a share. The Atlanta-based company's shares traded at about $23.44 a share early Wednesday.

PulteGroup declined to comment.