{"id":2546,"date":"2026-08-18T09:00:19","date_gmt":"2026-08-18T09:00:19","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=2546"},"modified":"2026-08-18T09:00:19","modified_gmt":"2026-08-18T09:00:19","slug":"ceo-of-kb-home-rob-mcgibney-has-a-plan-to-tempt-first-time-buyers-into-the-market","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=2546","title":{"rendered":"CEO of KB Home, Rob McGibney, has a plan to tempt first-time buyers into the market"},"content":{"rendered":"

<\/p>\n

Good morning.<\/strong> 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\u2019t help.<\/p>\n

\n

There are a lot of things that McGibney can\u2019t control. I spoke with the 26-year veteran of KB Home about what he\u2019s doing to change the things he can.<\/p>\n

First is more focus on built-to-order homes, which accounted for 73% of net orders in the second quarter, up from 57% last year. Consumers typically pay more for such homes and are less likely to cancel or demand discounts, but customized homes also mean longer waits at potentially higher mortgage rates. \u201cWe\u2019re not forcing that buyer to pay for things that they don\u2019t value, allowing them to put the things in the home that they really do value and care about,\u201d\u00a0 McGibney told me. \u201cWe allow people to personalize the home not just for the fit, finish, function and features but also to their budget \u2026 If [you\u2019re] making that choice for the buyer, invariably you just get something wrong.\u201d<\/p>\n

Second, he wants to woo more first-time buyers, the average age of whom is now 40. (The median age of U.S. homebuyers has gone from 39 to 59 over the past 15 years.) McGibney acknowledges that people are marrying and having kids later, but he thinks expectations of \u201cquick gratification\u201d also come into play. \u201cWe\u2019re seeing first-time buyers who are making $140,000 a year, have a 740 FICO score and put down $70,000. If you go back a decade or so, FICO scores were much lower and incomes were certainly lower,\u201d he said. \u201cWhen I bought my first house, we had to go through some pain. It was hard to save money for a down payment \u2026 but there\u2019s some sacrifices to make that first step but people who make it have significantly more wealth generation capability over time.\u201d<\/p>\n

The two are interconnected in that Gen Z buyers were raised on personalization. \u201cMy kids grew up wanting personalized Nike custom ID shoes; they go to Chipotle and get to personalize what goes on that burrito \u2026 It stands to reason that they want the ability to personalize what\u2019s going to be the largest purchase they\u2019ve made up to that point in their life.\u201d That said, he acknowledges that there\u2019s little he can do to change the reality that many younger buyers can\u2019t\u2014or feel they can\u2019t\u2014afford to buy a home. \u201cWe as a company, or me as a CEO, can\u2019t change the math,\u201d he said. \u201cBut we\u2019re working aggressively to get as far down that K (in the K-shaped economy) as we can by offering better affordability. It gets back to controlling what we can control.\u201d<\/p>\n

Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/em><\/p>\n

Top leadership news<\/h3>\n

Burger King moves up the ranks<\/b><\/p>\n

Burger King has overtaken Wendy’s to become America’s second-largest burger chain, with its revamped Whopper lifting sales 20% since February and U.S. same-store sales up 8.5% last quarter. President Tom Curtis has taken the turnaround personally, responding to 1,800 customer calls after inviting diners to text or call him directly, saying, “Guests are our most important advisors.\u201d<\/p>\n

L3Harris ousts CEO\u00a0<\/b><\/p>\n

Defense contractor L3Harris forced out chairman and CEO Chris Kubasik over the weekend after a board investigation found he violated the company\u2019s code of conduct, though it said the matter did not involve financial reporting, customers, or operations. Kubasik forfeited equity awards worth up to $45 million but will retain options and shares valued at roughly $80 million, while President Sam Mehta takes over as CEO.<\/p>\n

JPMorgan nears a $1 trillion valuation <\/b><\/p>\n

JPMorgan was worth roughly $970 billion Monday morning, bringing it within reach of becoming the first bank to hit a $1 trillion market cap after posting the highest-ever quarterly profit by a U.S. bank. The gains reflect the “Jamie premium” built over two decades around what Dimon calls a “fortress balance sheet,” which has enabled the bank to keep investing and buy rivals when competitors retreat.<\/p>\n

The markets<\/h3>\n

S&P 500<\/strong> futures are down 0.56% this morning. The STOXX Europe 600<\/strong> was down 0.45% in early trading. The U.K.\u2019s FTSE 100<\/strong> was down 0.15% in early trading. The Nikkei 225<\/strong> is down 2.54%. South Korea\u2019s KOSPI<\/strong> is down 1.55%. China\u2019s CSI 300<\/strong> was down 0.32%. Hong Kong\u2019s Hang Seng<\/strong> was up 0.07%. India\u2019s NIFTY 50<\/strong> was down 0.36%. Bitcoin<\/strong> is at $64K.<\/p>\n

Around the watercooler<\/h3>\n

U.S. strategic reserves are getting so low it threatens damaging the 60 underground salt caverns storing American oil by Sasha Rogelberg<\/p>\n

Trump pivoted from bombs to an economic war against Iran. But Tehran is now \u2018fully offensive\u2019 and doesn\u2019t think the real fighting hasn\u2019t started yet by Jason Ma<\/p>\n

Siemens CEO keeps his inbox below 100 with 2-letter replies\u2014and has no recurring meetings with direct reports: \u2018I don\u2019t need to entertain people\u2019 by Preston Fore<\/p>\n

Unitree vs. Shein: How August\u2019s big China IPOs show how AI hype is leaving e-commerce giants behind by Nicholas Gordon<\/p>\n

Billionaire founder agrees with Elon Musk, Sam Altman, and Jeff Bezos: We will live and work in space\u2014and could be commuting to the moon by 2030 by Orianna Rosa Royle<\/p>\n

CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n<\/div>\n

#CEO #Home #Rob #McGibney #plan #tempt #firsttime #buyers #market<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. 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