KB HOME (NYSE:KBH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of Director. On July 12, 2017, the KB Home board of directors elected Ms. Dorene C. Dominguez as a director for a term ending at KB Home’s 2018 Annual Meeting of Stockholders. Ms. Dominguez was also appointed to the board’s audit and compliance committee. Ms. Dominguez will receive the same compensation as KBHome’s other independent directors. Ms. Dominguez is the chairwoman and chief executive officer of the Vanir Group of Companies, Inc. and its subsidiaries, which provide program, project and construction management services. With Ms. Dominguez’s election, the KB Home board of directors has nine members, eight of whom are independent.
(e) Base Salary Changes. On July 13, 2017, the management development and compensation committee of KB Home’s board of directors approved increases to the base salaries of KB Home’s named executive officers listed below. The new base salary levels for each such named executive officer, in each case effective as of July 1, 2017, are set forth in the table below.
|
Named Executive Officer |
New Base Salary |
|
|
Jeff J. Kaminski |
$ |
700,000 |
|
Jeffrey T. Mezger |
$ |
1,150,000 |
|
Albert Z. Praw |
$ |
585,000 |
|
Brian J. Woram |
$ |
585,000 |
About KB HOME (NYSE:KBH)
KB Home is a homebuilding company in the United States. The Company constructs and sells a range of new homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family residential homes, townhomes and condominiums. Its segments include the West Coast, Southwest, Central and Southeast homebuilding segments, and financial services segment. Its homebuilding segments are engaged in the acquisition and development of land primarily for residential purposes. The financial services segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to its homebuyers in the same markets as its homebuilding segments, and also provides title services in various markets located within its Central and Southeast homebuilding segments. Its financial services operations also provide mortgage banking services, including residential consumer mortgage loan originations.