KB Home Elects 1st Non-Executive Chair

Stephen F. Bollenbach, co-chairman and chief executive officer of Hilton Hotels Corp., has been elected non-executive chairman of the board of Los Angeles-based KB Home.Before joining Hilton in 1996, Mr. Bollenbach was senior executive vice president and chief financial officer of The Walt Disney Co. KB Home said its board created the position of independent non-executive chairman in November 2006 to "enhance KB Home's corporate governance." Also in November, Bruce Karatz retired as chairman, director, and CEO of KB Home following an independent investigation into the company's stock-option granting practices, which concluded that the company used incorrect measurement dates for stock option grants from 1998 to 2005. In addition, the board at that time terminated the employment of Gary A. Ray, the company's head of human resources, and Richard B. Hirst resigned as executive vice president and chief legal officer. KB Home can be found online at http://www.kbhome.com.