His company was only one of two public builders in the top 12 to report a profitable 2007, but NVR Chairman Dwight Schar chose not to accept either a salary or bonus in 2007, according to SEC documents filed by the company Friday. He plans to do the same in 2008.
“The homebuilding industry is cyclical and in 2007, NVR, like other U.S. homebuilders, experienced a continuation of a downturn in the U.S. housing market. As a result, the compensation paid to our named executive officers during 2007 generally reflected our current business environment,” the company explained in its filings.
Schar did receive more than $4 million in stock option awards in 2007.
In 2006, however, he earned his minimum base salary of $1.5 million, nearly $10,000 in bonuses, and received $6.8 million in stock option awards.
These figures do not include Schar’s deferred compensation.