Hovnanian Enterprises CEO Ara Hovnanian's 2020 pay jumps 55% to $9M
Hovnanian Enterprises reports 2020 executive compensation
By ExecPay News
Published: February 12, 2021
Hovnanian Enterprises reported fiscal year 2020 executive compensation information on February 12, 2021.
In 2020, four executives at Hovnanian Enterprises received on average a compensation package of $4.6M, a 45% increase compared to previous year.
Ara K. Hovnanian, Chief Executive Officer, received $9M in total, which increased by 55% compared to 2019. 65% of Hovnanian's compensation, or $5.9M, was in non-equity incentive plan. Hovnanian also received $54K of change in pension value and nonqualified deferred compensation earnings, $1.3M in salary, $1.4M in stock awards, as well as $373K in other compensation.
For fiscal year 2020, the median employee pay was $97,947 at Hovnanian Enterprises. Therefore, the ratio of Ara K. Hovnanian's pay to the median employee pay was 92 to one.
J. Larry Sorsby, Chief Financial Officer, received a compensation package of $4.5M, which increased by 48% compared to previous year. 63% of the compensation package, or $2.8M, was in non-equity incentive plan.
Lucian T. Smith III, Chief Operating Officer, earned $3.8M in 2020, a 24% increase compared to previous year.
Brad G. O'Connor, Chief Accounting Officer, received $1.2M in 2020, which increases by 43% compared to 2019.
Hovnanian Enterprises' fiscal year ends on October 31.