Top homebuilder KB Home announced Sunday that an options backdating problem had prompted the resignations of chairman and CEO Bruce Karatz and executive VP and chief legal officer Richard B. Hirst, as well as the company's firing of its human resources head. Karatz, who started at precursor Kaufman & Broad as an associate legal counsel, agreed to repay $13 million, according to KB Home. An internal report found that only Karatz and the former HR head had selected grant dates for the stock options.
November 14, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The resignation of KB Home chairman and CEO Bruce Karatz in the wake of a stock options scandal leaves the company without the man who built it into one of the nation’s top homebuilders during the past two decades.
But Wall Street analysts greeted the exit of Karatz and two other executives as positive steps while the Los Angeles-based home construction company looks to weather a steep downturn in the housing market.
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