KB Home, under pressure from shareholders over executive compensation issues, this morning (April 5) named Stephen F. Bollenbach, co-chairman and chief executive officer of Hilton Hotels Corporation, as its non-executive chairman of the board.
"On behalf of the entire Board, I am extremely pleased to announce the election of Stephen Bollenbach as chairman of the board," said Kenneth M. Jastrow II, chairman and chief executive officer of Temple-Inland, Inc. and lead director for KB Home. "His election comes at the end of an exhaustive search to find the first non executive chairman ever for KB Home. Without a doubt his expertise and perspective, gained from more than 40 years of experience as a corporate senior executive will be a great asset to the Company and our shareholders. We are looking forward to his leadership and enthusiasm."
KB created the position of independent non-executive chairman in November 2006. Bollenbach in this capacity is not an employee of KB Home.
"I am honored to be joining the Board of one of the most respected companies in America," said Bollenbach. "This is an exciting opportunity for me personally and professionally. Personally as a native Angeleno and professionally because these are challenging times in the housing industry. I look forward to working closely with these directors who have a strong commitment to corporate governance and with CEO Jeff Mezger who has such a passion for the business."
Bollenbach has served in his current position as chief executive officer of Hilton Hotels Corporation since 1996. Prior to joining Hilton, Bollenbach served for one year as senior executive vice president and chief financial officer for The Walt Disney Company. Before Disney, Bollenbach served in a variety of senior management positions at the Marriott Corporation to include president and chief executive officer of Host Marriott during one of the most robust hotel development periods in modern history.