Sigoloff, KB Home's longest-serving director, has reached retirement age for board members, thus bringing to a close an extraordinary tenure with the company marked by a determination to help make KB Home one of the most admired companies in the industry, and in the nation. Formerly vice chairman of KB Home, in the early 1980's Sigoloff went on to continue a remarkable business career, while serving KB Home as a director. "Sandy has been a trusted advisor, confidant and friend", said Bruce Karatz, chairman and CEO of KB Home. "His contributions to our business will be felt for many years to come."
Because KB Home's corporate governance guidelines call for a maximum of one employee director, Guy Nafilyan is stepping down after 15 years of dedicated board service. He will continue to serve KB Home as chairman and CEO of Kaufman & Broad S.A., the company's publicly held, majority-owned French subsidiary.
Finally, Henry Cisneros, who joined the KB Home board in 2000, has chosen not to stand for re-election in 2003. In recent years, KB Home's business relationship with Cisneros has broadened with the formation and operation of American City Vista, Cisneros's joint venture with the company. For that reason, Cisneros is no longer considered an "independent" director under updated company guidelines, which specify that all non-employee directors should be eligible to participate on board committees. Cisneros and American City Vista will continue to work with KB Home on urban-development initiatives aimed at increasing the available supply of affordable housing in some of the company's key markets.
"All three of these individuals have made substantial contributions to the success of KB Home, and I greatly appreciate their years of sound counsel and dedicated service to our shareholders", said Karatz. "KB Home's continuing directors comprise some of the highest-caliber independent directors in the country, individuals who are business leaders in their own right, and whose expertise and diverse backgrounds enable them to ask tough questions on behalf of shareholders. While we are actively searching for smart, qualified leaders to join KB Home's board, I'm very confident in the current board's acumen, dedication and resolve as it continues to vigorously represent shareholder interests."
KB Home is one of America's largest homebuilders with domestic operating divisions in the following regions and states: West Coast -- California; Southwest -- Arizona, Nevada and New Mexico; and Central -- Colorado, Texas and Florida. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2002, the Company delivered 25,565 homes in the United States and France. It also operates KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers. Founded in 1957, KB Home is a Fortune 500 company listed on the New York Stock Exchange under the ticker symbol "KBH." For more information about any of KB Home's new home communities, call 1-888-KB-HOMES or visit the Company's Web site at www.kbhome.com.