Standard Pacific Homes's new CEO might not have a home building background, but since there aren't many homes being built these days, his particular skill set might be more valuable to the company.
Kenneth L. Campbell III, 50, has spent more than 20 years in restructuring roles at various companies with significant operational and/or financial difficulties, said an 8-K SEC document filed by the company Tuesday, Dec. 23. He also served as CEO and director for Ormet Corp., an aluminum purveyor, and CFO of RailWorks, a provider of railroad products.
And it's hard to beat his paycheck. Campbell won't receive a salary or benefits in his new position, only reimbursement for business expenses, the document said.
Of course, Campbell already has another job that seemingly would include a generous paycheck. He's a partner at MatlinPatterson Global Advisors, Standard Pacific's largest shareholder. The private equity fund came to Standard Pacific's rescue last May when it infused the builder with $580 million in capital.
Campbell replaces Jeffrey V. Peterson, who stepped up from the company's board of directors into the CEO position last March after the retirement of Stephen J. Scarborough.
In addition to his salary up to his resignation date of Dec. 17, Peterson will receive a $3 million bonus before Dec. 31. He also receives $25,933 in unused vacation pay, the SEC document said.