KB Home (NYSE: KBH) chief financial officer Raymond P. Silcock has left the homebuilder and will receive at least $500,000 in bonus and salary, according to Associated Press.
Silcock was hired in September as executive vice president and CFO of the company, which is based in Los Angeles. KB Home said in the filing on Thursday that Silcock's decision to leave the company was mutual.
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William R. Hollinger will serve as principal financial officer until a new CFO is named, KB Home said. Hollinger has served as senior vice president and chief accounting officer since 2007.
A call to the company for comment was not immediately returned.
Silcock will receive a lump-sum payment of $200,000, representing the bonus he was guaranteed when he was hired, according to the filing. Silcock will also receive six months salary of $300,000 and be compensated for unused vacation time and out-of-pocket expenses.
Silcock had previously served as senior vice president and CFO for UST Inc., a consumer products company. Before that, he was executive vice president and CFO of Swift & Co. and held the same positions at Cott Corp. (NYSE: COT), which bottles soft drinks.
KB Home, like other homebuilders, has struggled to drum up sales amid a housing downturn.
In September, the company said it cut its third-quarter loss as new home orders surged 62 percent. Fewer buyers also backed out of their contracts, the company said.
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