Go Home: Finchem Likely To Lose KB Board Seat

Thanks to reader Michael for noticing this wire item on a shareholder recommendation not to renew Tim Finchem's tenure on the KB Home board.

Proxy Governance Inc. recommended KB Home (NYSE:KBH) shareholders withhold votes for board candidates Timothy W. Finchem and J. Terrence Lanni because they approved an excessive pay package for Jeffrey T. Mezger when he became chief executive.

The shareholder adviser said Finchem and Lanni serve on a compensation committee that approved a compensation package for Mezger that was too high.

When the homebuilder's former CEO was deposed because of the options backdating scandal, Mezger was granted $7.8 million worth of options and $2 million in restricted stock.

Hey they only lost $1.41 billion last year, what's another $9 million?