UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 9, 2009
KB HOME
(Exact name of registrant as specified in its charter)
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| Delaware
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1-9195
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95-3666267 |
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| (State or other
Jurisdiction of
Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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| 10990 Wilshire Boulevard, Los Angeles, California
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90024 |
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| (Address of Principal Executive Offices)
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(Zip Code) |
Registrant’s telephone number, including area code: (310) 231-4000
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 5.02. |
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Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers |
On September 9, 2009, the Company announced the appointment of Raymond P. Silcock, 58, as
Executive Vice President and Chief Financial Officer. Mr. Silcock will begin his duties
immediately.
From August 2007 until March 2009, Mr. Silcock served as Senior Vice President and Chief
Financial Officer of UST Inc., a leading producer and marketer of smokeless tobacco products and
premium wines that was acquired by Altria Group, Inc. in January 2009. From November 2006 until
July 2007, Mr. Silcock served as Executive Vice President and Chief Financial Officer of Swift &
Company, a leading meatpacking company that was acquired by JBS S.A. in July 2007. From 1998 to
2005, he served as Executive Vice President and Chief Financial Officer of Cott Corporation, the
world’s largest private label bottler of soft drinks. Mr. Silcock earned an MBA from the Wharton
School at the University of Pennsylvania and holds a U.K. certification from the Chartered
Institute of Management Accountants.
Mr. Silcock will be entitled to the following compensatory arrangements, subject to the approval
of the Management Development and Compensation Committee of the Company’s Board of Directors:
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an initial base salary of $600,000 per year; |
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a guaranteed bonus of $200,000 for fiscal year 2009, contingent upon his
continuous employment through the payment date and the Company’s ability to pay; |
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the right to participate in the Company’s Annual Incentive Plan for Executive
Officers for fiscal year 2010, with a current target opportunity of 90% of his
annual base salary |
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eligibility for participation in the Company’s long term incentive program,
with a recommended initial grant of equity-based awards valued at twice his
annual base salary; |
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reimbursement of relocation expenses pursuant to the Company’s relocation
policy, and up to $5,000 per month for temporary housing for up to six months; |
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eligibility for participation in the Company’s executive benefits and life
insurance programs; |
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eligibility for participation in the Company’s Deferred Compensation Plan and
401(k) Savings Plan; and |
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participation in the Company’s Change in Control Severance Plan and, after one
year of employment, in the Company’s Executive Severance Plan. |
For descriptions and copies of the plans and policies listed above, please refer to the
Company’s most recent annual report on Form 10-K and proxy statement.
Effective with the appointment of Mr. Silcock, William R. Hollinger, the Company’s Senior Vice
President and Chief Accounting Officer, is no longer serving as the Company’s principal
financial officer, but he will continue to serve as the Company’s principal accounting officer.
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| Item 9.01. |
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Financial Statements and Exhibits |
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99.1 |
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Press Release dated September 9, 2009. |
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