Hovnanian Enterprises CEO Ara Hovnanian's 2018 pay jumps 42% to $7.5M
Hovnanian Enterprises reports 2018 executive compensation
By ExecPay News
Published: February 4, 2019
Hovnanian Enterprises reported fiscal year 2018 executive compensation information on February 4, 2019.
In 2018, four executives at Hovnanian Enterprises received on average a compensation package of $3.8M, a 41% increase compared to previous year.
Ara K. Hovnanian, Chief Executive Officer, received $7.5M in total, which increased by 42% compared to 2017. 40.13% of Hovnanian's compensation, or $3M, was in non-equity incentive plan. Hovnanian also received $32.5K of change in pension value and nonqualified deferred compensation earnings, $250.9K in option awards, $1.2M in salary, $2.5M in stock awards, as well as $459.3K in other compensation.
Lucian T. Smith III, Chief Operating Officer, received a compensation package of $3.5M, which increased by 29% compared to previous year. 60.20% of the compensation package, or $2.1M, was in non-equity incentive plan.
J. Larry Sorsby, Chief Financial Officer, earned $3.3M in 2018, a 59% increase compared to previous year.
Brad G. O'Connor, Chief Accounting Officer, received $809.4K in 2018, which increases by 22% compared to 2017.
Hovnanian Enterprises' fiscal year ends on October 31.