Monday, November 13, 2006

KB Home Chief Resigns Amid Options Probe

The longtime chief executive of KB Home, one of the nation’s largest home builders, resigned under pressure on Sunday night and agreed to return $13 million in profit from backdated stock options, the company said.
Two other KB Home executives were also ousted, including the head of human resources, whom the company said worked with Bruce E. Karatz, the company’s chairman and chief executive, to set the dates for stock option grants.

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