The LA Times reports that KB Homes CEO Jerrfey Mezger received $9.6 million in compensation last year. The company lost nearly $1 billion last year and its stock lost 42% of its value. Mezger did take a 41% paycut, if that makes you feel any better about this.
But wait, it gets better.
He also received $2.75 million in “non-equity incentive plan compensation.” The document described that payment as a performance-based incentive connected to Mezger’s ability to limit losses. It could have paid as much as $10.5 million if the company had lost less money than it did.
I don’t think any comment is called for.