KB Home (KBH) said Thursday that chief financial officer Raymond Silcock left the company on December 14, after the company and Silcock "mutually" agreed to conclude his employment. The company didn't disclose any reason for the exit of Silcock, who joined the home-builder just three months ago. William Hollinger, the company's chief accounting officer, will serve as principal financial officer, pending selection of a new CFO.
In a filing with the U.S. Securities and Exchange Commission or SEC, California-based KB Home said that in connection with the separation, Silcock entered into a letter agreement with the company.
Pursuant to the separation agreement, Silcock will receive a lump-sum payment of $0.20 million, representing the bonus he was guaranteed in connection with his hiring, and six months of salary, or an aggregate of $0.30 million, payable in bi-monthly installments. Silcock will be entitled to receive medical, dental and vision benefit coverage from the company while he receives these installment payments.
In addition, Silcock will be compensated for unused vacation time and will be reimbursed for actual out-of-pocket expenses incurred in connection with his employment with the company, including gross-ups for any reimbursement payments that would constitute taxable items to Silcock.
The company had announced in early September that it appointed Silcock as executive vice president and chief financial officer. Prior to joining KB Home, Silcock had served as senior vice president and chief financial officer for UST Inc. Previously, he was executive vice president and chief financial officer of Swift & Co., one of the world's largest privately-held companies with $10 billion in annual sales.
Silcock had also served as executive vice president and chief financial officer of Cott Corp. (COT, BCB.TO), the world's largest private label bottler of soft drinks. Earlier in his career, Silcock worked with Campbell Soup Co. (CPB) for 18 years.
Hollinger, the newly appointed principal financial officer, is Senior Vice President and Chief Accounting Officer of the company since 2007.
In his capacity as chief accounting officer, Hollinger has oversight responsibility for the accounting and financial functions of the entire company, including all of its domestic and international operating subsidiaries, and directs the company's financial management consolidating reporting efforts.
Hollinger also leads the companywide business planning process and is responsible for developing and implementing initiatives to strengthen financial performance. Hollinger has served as Senior Vice President and Controller from 2001 through 2006.
Hollinger joined KB Home in 1987, immediately after the company's initial public offering, as Manager of Controls Evaluation and Audit. Prior to joining KB Home, Hollinger spent five years as an Auditor in the Los Angeles office of PricewaterhouseCoopers.
KB Home builds various types of homes, including attached and detached single-family homes, townhomes, and condominiums. It also offers mortgage services in a joint venture with Countrywide KB Home Loans. The company is currently being investigated by the SEC.
In October, KB Home said in a regulatory filing that the SEC notified the company that a formal order of investigation had been issued regarding possible accounting and disclosure issues. The company added it is co-operating with the staff of the SEC in connection with the probe. The staff of the SEC said the investigation should not be construed as an indication by the regulator that there has been any violation of the federal securities laws.
KB Home is also battling other legal issues. It was reported in July that the company is the subject of an investigation for conspiring with Countrywide Financial and LandSafe Appraisal Services to illegally rig home appraisals in Florida. The lawsuits contend that KB Home conspired with the other two companies to rig the appraisal process in order to drive development prices upward and increase KB Home profits, often using inflated comparisons to justify the high sales prices.
In November 2006, Bruce Karatz resigned as the company's chief executive after an internal accounting probe found he backdated his own stock option grants to increase his pay. At that time, the company also announced the firing of its head of Human Resources, Gary Ray, and the resignation of its Chief Legal Officer, Richard Hirst. Almost two years later, Karatz agreed to pay more than $7 million to settle securities charges with the SEC but did not admit any wrongdoing in the backdating case.
In late September, KB Home reported a narrower loss for the third quarter, helped by lower expenses and cancellation rate as well as an increase in net orders. Net loss for the quarter narrowed to $66.05 million or $0.87 per share from $144.75 million or $1.87 per share in the prior-year quarter. Revenues for the quarter declined to $458.45 million from $681.61 million in the year-ago period, as housing revenues dropped due to a 20% decrease in homes delivered and a 15% decline in the average selling price, compared to the previous year. KB Home is slated to report its financial results for the fourth quarter on January 12, 2010. Analysts expect the company to report a loss of $0.48 per share on revenues of $576.64 million for the quarter.
KBH closed Thursday's regular trading session at $13.29, down $0.30 or 2.21% on a volume of 4.97 million shares. In the past 52 weeks, the stock has been trading in a range of $7.85-$20.70.
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