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D.R. Horton execs find bonuses sliced
By Rex Nutting, CBS.MarketWatch.com
Last Update: 5:31 PM ET Dec 13, 2000
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WASHINGTON (CBS.MW) - D.R. Horton halved the bonuses to its top three executives because the company only achieved half its goals, according to a proxy filing with the Securities and Exchange Commission.
Chairman Donald R. Horton received $850,367; CEO and President Donald J. Tomnitz received $680,292; and Director Richard Beckwitt received $311,800.
Beckwitt was president until March.
The homebuilder's executive committee determined the company met only 45.8 percent of its goals relating to homebuilding gross profit margin, homebuilding selling, general expenses as a percent of revenue, consolidated net earnings, return on operating assets, and return on equity.
During 1999, Horton and Tomnitz received bonuses that were roughly twice what they received this year. |
