KB Home named Hilton Hotel Corp.'s Chief Executive Stephen Bollenbach to the company's board Thursday, marking the first time the company has named an independent non-executive as a chairman.


Bollenbach has served as the head of the Beverly Hills-based hotel owner and operator since 1996. Before joining Hilton, he served as chief financial officer for Walt Disney Co. and also serves on the boards of Harrah's Entertainment Group and Time Warner Inc.


The KB board chairmanship opened in November following the departures of former Chief Executive Bruce Karatz and human resources chief Gary Ray amid a scandal over their receipt of backdated stock options.


Shares in KB Home were up 37 cents Thursday to $42.42 in afternoon trading on the New York Stock Exchange.

For reprint and licensing requests for this article, CLICK HERE.