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ELI BROAD BECOMES FOUNDER-CHAIRMAN, CHAIRMAN OF THE EXECUTIVE COMMITTEE OF KAUFMAN AND BROAD HOME CORP. -- CEO BRUCE KARATZ ELECTED CHAIRMAN

 LOS ANGELES, July 29 /PRNewswire/ -- After 36 years as chairman of the board of Kaufman and Broad Home Corp. (NYSE: KBH), Eli Broad today announced that the company's president and chief executive officer, Bruce Karatz, will succeed him as chairman, effective Aug. 31.
 Broad, whose major business activities in recent years have been as chairman and chief executive officer of SunAmerica Inc. (NYSE: SAI), a $17 billion financial services company, will assume the title of founder-chairman and chairman of the executive committee of Kaufman and Broad, the company he co-founded in 1957.
 "This step is a logical extension of the changes in my business life," Broad explained. "For more than three decades, I was dedicated to providing quality affordable housing for young families. As the baby boom generation has aged, my energies have turned to a second career -- meeting the needs of millions of Americans to save for their retirement.
 "At this juncture, I am indeed pleased to be able to relinquish the title of Kaufman and Broad chairman to an individual of Bruce's caliber. Bruce is both a trusted friend and a highly respected business executive who has contributed to Kaufman and Broad's success for more than two decades and has done a masterful job as CEO since assuming the reins in 1986."
 Broad, age 60, remains Kaufman and Broad's largest individual shareholder, as well as the largest shareholder of SunAmerica Inc.
 Los Angeles-based Kaufman and Broad Home Corp. is the largest home builder in the West, and among the largest home builders in metropolitan Paris.
 -0- 7/29/93
 /CONTACT: Nancy L. Smith of Kaufman and Broad, 310-443-8015/
 (KBH)


CO: Kaufman and Broad Home Corp. ST: California IN: CST SU: PER

JB-EH -- LA030 -- 7299 07/29/93 14:34 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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