KB Home (NYSE: KBH) has announced the promotion of Robert McGibney to the position of President and Chief Operating Officer, effective February 1, 2024. In addition to his current role as Chief Operating Officer, McGibney will now have overall responsibility for the company's operations, as well as directing business strategy, community count, and revenue growth, along with leadership development. He will also continue to lead key strategic support functions such as architecture, design studio, marketing, national contracts, sustainability, and financial services operations.
Jeffrey Mezger, Chairman and Chief Executive Officer of KB Home, expressed his satisfaction with the promotion, stating, "I am pleased to announce Rob's promotion, which will further support our planned increase in community count this year, and position the company for future revenue growth." Mezger also highlighted McGibney's two-decade tenure at KB Home, emphasizing his significant contributions to the company's operations and robust business development across its footprint.
Regarding the strategic implications of McGibney's promotion, Mezger added, "Rob's appointment to President, along with several regional management additions, are important steps in structuring our team to take full advantage of the opportunities available to us and achieving our strategic goal of top 5 or better market share position in each of our served markets."
McGibney, who joined KB Home in 2000 as a financial analyst, has held various roles within the company, demonstrating a track record of leadership and operational excellence. Since 2021, he has served as Chief Operating Officer and Executive Vice President of KB Home.
KB Home, one of the largest and most recognized homebuilders in the United States, operates in 47 markets nationwide and has built over 680,000 quality homes in its more than 65-year history. The company's focus on building strong, personal relationships with every customer, along with its commitment to energy-efficient homebuilding, has positioned it as a leader in the industry.
The company's shares have moved 0.9%, and are now trading at a price of $58.9.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $4,547 | $4,553 | $4,183 | $5,725 | $6,904 | $6,677 |
| Revenue Growth | n/a | 0.13% | -8.12% | 36.86% | 20.59% | -3.29% |
| Net Margins | 4% | 6% | 7% | 10% | 12% | 10% |
| Net Income (MM) | $170 | $269 | $296 | $565 | $817 | $656 |
| Earnings Per Share | $16.86 | $2.85 | $3.13 | $6.01 | $9.09 | $7.63 |
| EPS Growth | n/a | -83.1% | 9.82% | 92.01% | 51.25% | -16.06% |
| Diluted Shares (MM) | 10 | 94 | 94 | 94 | 89 | 83 |
| Free Cash Flow (MM) | $214 | $211 | $282 | -$77 | $138 | $1,142 |
| Capital Expenditures (MM) | $7 | $40 | $29 | $39 | $45 | $38 |
