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Fortune

Diane Brady

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

KB Home Fortune

KB Home CEO, Rob McGibney (Credit: Courtesy of KB Home)

In today’s CEO Daily: KB Home CEO Rob McGibney on the art of personalization.
The big leadership story: The ‘Jamie premium’ edges JPMorgan closer to $1 trillion valuation.
The markets: Down as crude oil futures rise.
Plus: All the news and watercooler chat from Fortune .

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.

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