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KB Home Appoints New Senior Vice President of Business Development; Move Signals Continued Emphasis
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01/16/2005
LOS ANGELES--Nov. 1, 2002--KB Home (NYSE:KBH), one of the nation's largest homebuilders, today named Charles O. Schetter to the newly created position of senior vice president of business development. In that role, he will focus on new-market expansion and acquisitions for the company. Schetter, 49, brings to KB Home 25 years' experience as a consultant advising corporate executives and directors on areas as diverse as operations, mergers and acquisitions, human resources and sales and distribution. His clients have included companies in the homebuilding, telecommunications, health care, and media and entertainment sectors. Most recently, Schetter was a senior director at McKinsey & Company, where he was one of the founders of the firm's telecommunications practice, as well as the founder and head of its health-care group. He also served as managing director of McKinsey's Los Angeles office. Schetter earned his master's degree in business administration with distinction from the Amos Tuck School of Business at Dartmouth College; he also graduated magna cum laude with a bachelor of arts in economics and mathematics from Dartmouth. He was named one of the Tuck School's three most distinctive graduates by the Wall Street Journal in both 2001 and 2002. "Throughout his career, Charles has proven adept at helping leading companies take the next step forward in their development and growth," said KB Home Chairman and CEO Bruce Karatz. "His experience integrating complex organizations, along with his grasp of the dynamics driving the homebuilding business, will be invaluable to KB Home as we continue evaluating potential new markets and acquisitions in the months and years ahead." He added that Schetter's position will complement the efforts of Albert Z. Praw, senior vice president of asset management, who will focus on growth in the company's existing markets. "KB Home will continue to grow in two distinct ways: by expanding within existing markets and by pursuing strategically sound acquisitions in new markets," Karatz said. "Under this new structure, we now have extraordinarily high-caliber professionals leading our efforts on both fronts." KB Home entered the Orlando, Fla., market earlier this fall with the acquisition of American Heritage Homes. KB Home gained a foothold in the region in 2001 with the acquisition of Jacksonville-based Trademark Home Builders Inc. and, in 2002, expanded its operations through the launch of a start-up division in Tampa. In Tucson, Ariz., KB Home recently strengthened its presence by acquiring the assets of New World Homes.
KB Home is one of America's largest homebuilders, with domestic operating divisions in some of the fastest-growing areas of the country including: West Coast -- California; Southwest -- Arizona, Nevada and New Mexico; and Central -- Colorado, Florida and Texas. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2001, the Company delivered homes to 24,868 families 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 888-KB-HOMES or visit the Company's Web site at www.kbhome.com.
