The CEO of KB Home has a plan to tempt first-time buyers into the market at last

Good morning. When Rob McGibney became CEO of KB Home on March 1, he knew there would be tough days ahead. In his first earnings call, he had to report a 23% decrease in year-over-year revenue to $1.08 billion while net income had shrunk 70% to $33.4 million; in his second, revenue was down 27% to $1.1 billion while earnings dropped 75% to $27.3 million. The stock is down since he took over. Borrowing costs are relatively high. Consumer confidence is relatively weak. And the specter of inflation, oil prices and higher construction costs doesn’t help. There are a lot of things that McGibney can’t control. I spoke with the 26-year veteran of KB Home about what he’s doing to change the things he can. First is more focus on built-to-order homes, which accounted for 73% of net orders in the sec