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KB Home Chief Financial Officer/CFO Raymond P. Silcock Exits Company, investigated by the Securities and Exchange Commission

By Caroline Mittermair for CEOWORLD Magazine Updated:December 18, 2009

Home-building company KB Home (NYSE:KBH), which is being investigated by the Securities and Exchange Commission, said Thursday that Chief Financial Officer Raymond P. Silcock left the company on December 14, after the company and Silcock “mutually” agreed to conclude his employment.

William R. Hollinger, who has served as senior vice president and chief accounting officer since 2007, will be the company’s principal financial officer, pending the selection of a new CFO. Silcock will receive a lump-sum payment of $200,000 and six months of salary, or an aggregate of $300,000, according to a filing with the SEC.

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.

KB Home, one of the nation’s leading homebuilders, has delivered hundreds of thousands of quality homes for families since its founding in 1957. The Company is distinguished by its Built to Order(TM) homebuilding approach that puts a custom home experience within reach of its customers at an affordable price. KB Home’s award-winning homes and communities meet the needs of first-time homebuyers with flexible designs that also appeal to move-up buyers and active adults.

Los Angeles-based KB Home was named the #1 homebuilder on FORTUNE(R) magazine’s 2009 “World’s Most Admired Companies” list. This marks the second year in a row and the third time in the past four years that KB Home has achieved the top ranking. The Company trades under the ticker symbol “KBH,” and was the first homebuilder listed on the New York Stock Exchange.

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