March 23, 1986
I just returned from India and France and read Ruth Ryon's article about our French housing operation (Feb. 16). It was superb and I thank you for your fine work. I am very proud of our French company as I regard it as "my baby," and I was pleased to see our operations presented to Times readers. BRUCE KARATZ Los Angeles Karatz is president of Kaufman & Broad Development Group.
May 26, 1991
Bruce Karatz of Kaufman & Broad Home Corp. saw his pay drop from $3 million in 1989 to $1.8 million in 1990--a $1.18 million decline. Second-biggest pay cut will go to Christopher Gibbs, J. M. Peters Co., whose compensation fell from $2.9 million to $1.8 million.
September 21, 2008
I am outraged at the settlement of the backdating suit with former KB Home Chief Executive Bruce Karatz. ("Ex-KB chief settles SEC suit," Sept. 16.) He pays $7 million, agrees not to be an officer or director of a public company for five years and admits no liability. He collected more than $232 million in his last three years with the company. His fine is 3% of that compensation. Now that's a real deterrent for others and quite an attention getter for Karatz. What on earth do you have to do to get charged with fraud?
November 21, 2006 |
Former KB Home Chief Executive Bruce Karatz, who retired last week amid a stock option scandal, has resigned from the boards of directors of Rosemead-based Edison International and its utility, Southern California Edison Co., Edison said Monday. The board resignations were effective Nov. 13 and "did not involve any disagreement" relating to Edison, according to regulatory filings. Honeywell International Inc. said Karatz had resigned from its board Nov. 14.
December 3, 2006
Regarding "Exiting under a cloud, with $175 million," Nov. 20: The enormous compensation package Bruce Karatz is taking with him as he departs KB Home sounds like a bad credit-card commercial: Severance package: $80 million. Special executive pension plan: $25 million. Stock options: $70 million. Leaving the company in the middle of a stock option backdating scandal so you have time to spend your financial windfall: priceless. Unfortunately, this isn't a commercial; it's an example of public company executive pay run amok.
January 11, 1987
The annual UCLA Real Estate Forecast Conference will be held Monday at the Beverly Hilton, from 8 a.m. to 5 p.m. Real estate decision makers and analysts will offer their predictions for the new year, discussing legal implications, markets, opportunities for small investors, joint-venture equities, syndication and finances. Ray Bradbury, science fiction writer, will present the keynote address at a 12:30 p.m. luncheon, according to the conference chairman, Prof. Fred E.
April 10, 2013 |
The Museum of Contemporary Art in Los Angeles announced Wednesday that it has added three people to its board of trustees. Their election comes at a still-vulnerable time for the museum, which has been dealing with financial problems in recent years. Among the new trustees is Bruce Karatz, former chairman and chief executive of KB Home. Eli Broad, who was a founder of the home-building company, is a founding chairman and life trustee of the museum. Karatz's wife, Lilly, is also a MOCA trustee.
CALIFORNIA | LOCAL
September 12, 1989
The article in The Times involving Kaufman & Broad Home Corp. (Part I, Sept. 3) was an unfair and unbalanced job of reporting. As such, it has the potential to leave your readers with an inaccurate understanding of the situation and of Kaufman & Broad in general. Over the past 32 years our company has successfully constructed over 175,000 homes. Your article chose to focus on some 200 of those homes which had some problems, most of them minor. Most of the homes were constructed in the 1970s or earlier.
February 24, 2006 |
Countless Californians have ridden the real estate wave to great riches, but few as much as Bruce Karatz. The chairman and chief executive of Westwood-based builder KB Home earned $34 million in salary and bonuses in its fiscal year ended Nov. 30, a 70% increase that nearly matched the company's surge in annual profit, KB said in a Securities and Exchange Commission filing Thursday. Karatz received a $28-million restricted stock award, double what he got in 2004, the company said.
March 31, 2013 |
KB Home has endured some rough patches during its 56 years in business. There have been real estate downturns, painful recessions, even the criminal prosecution of its former chief executive. But things hardly looked darker for the home builder than they did in the tough years that followed the downturn in the real estate and financial markets. The company posted losses in six consecutive fiscal years - 2007 to 2012 - and watched its stock price fall to its lowest point in 20 years.