Scarborough settles for $1 million plus legal fees and extended stock options. More
Former Standard Pacific Homes CEO Stephen J. Scarborough has settled a dispute over his severance package with the Irvine, Calif.-based company, agreeing to a lump sum of $1 million in damages plus attorney's fees. More
Standard Pacific Corp. will not file Chapter 11 bankruptcy protection according to CEO Stephen J. Scarborough. In fact, Scarborough called the recent mumblings about the builder's future as "speculation" on Tuesday at the JPMorgan Homebuilding and Building Products Conference in Las Vegas. More
Standard Pacific Corp is reporting a $165.9 million loss for the second quarter ending June 30. Home building revenue for the California-based company plunged to $694.8 million from $1 billion a year ago. "Challenging market conditions across most of the country continue to put pressure on our operating results," said CEO Stephen J. Scarborough. "High levels of new and existing home inventory on the market, increasing mortgage interest rates, a tightening of lending standards and reduced housing affordability in many markets have all contributed to weak new home sales." More
Finding good executives, particularly division presidents, has turned the business... More
