Kaufman and Broad Elects Barry Munitz to Board of Directors

LOS ANGELES, CALIFORNIA (July 1, 1999) --- Kaufman and Broad Home Corporation (NYSE:KBH) today announced that Barry Munitz, president and chief executive officer of the J. Paul Getty Trust, has been elected a director of the company. His election expands the number of directors to 12.

 

“Barry Munitz brings a wealth of business and management experience to our board,” said Bruce Karatz, chairman and chief executive officer of Kaufman and Broad. “His career has successfully bridged the business and academic worlds, and as a result he’ll offer a valuable perspective as we solidify our position as America’s leading homebuilder.”

Dr. Munitz has served as president and chief executive officer of the J. Paul Getty Trust since 1997. The J. Paul Getty Trust is an international cultural and philanthropic institution devoted to the visual arts and the humanities that includes an art museum as well as programs for education, scholarship, and conservation. Dr. Munitz is responsible for all the financial and administrative affairs for the Trust, which also includes management of the Getty Center, which houses the Trust’s numerous programs and has become one of Los Angeles’ premier architectural and cultural attraction. Dr. Munitz also served as head of the gubernatorial transition team for California Governor Gray Davis.

Dr. Munitz joined the J. Paul Getty Trust after a distinguished career as chancellor of the California State University, the largest system of senior higher education in the United States. In his six years at the helm of the California State University system, Dr. Munitz turned around a troubled institution and put it on a more solid financial and academic footing.

Prior to this, Dr. Munitz served as vice chairman of Maxxam, Inc., a Houston-based holding company with interests in aluminum production, forest products and real estate investment and development. He also served as chancellor or the University of Houston, and in several academic positions at the University of Illinois. Dr. Munitz received his undergraduate degree from Brooklyn College, and his Ph.D. from Princeton University.

Kaufman and Broad Home Corporation is expected to be America’s leading homebuilder in 1999 based on unit deliveries, with operating divisions in California, Texas, Nevada, Arizona, Colorado, Utah and New Mexico. The company is also among the largest builders in metropolitan Paris, France.

For More Information Contact:
Kate Mulhearn
(310) 231-4015
kmulhearn@kbhome.com