KB Home Names Bollenbach
As Nonexecutive Chairman
by Anthony Buccino
From The Wall Street Journal Online
April 06, 2007
KB Home named Stephen F. Bollenbach, Hilton Hotels Corp.'s co-chairman and chief executive, as non-executive chairman of the board.
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One of the nation's largest home builders, KB Home created the position of independent nonexecutive chairman in November. At the time, KB Home's Chairman and Chief Executive Bruce Karatz agreed to leave the company after an internal investigation found that he backdated his own option grants to increase his pay.
Last month, KB Home posted an 84% slide in fiscal-first-quarter earnings as orders and prices for new homes dropped amid a sharp downturn in the housing market that shows little signs of improvement.
Mr. Karatz was succeeded as CEO by Jeffrey T. Mezger, the company's chief operating officer.
Hilton said in January that Mr. Bollenbach would step down as CEO at the end of the year, but will continue as co-chairman through 2010. He will also serve as a consultant to the hotel company. Mr. Bollenbach has been Hilton's chief executive for 11 years.
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