MGM MIRAGE chief joins board of home builder

Wednesday, Aug. 13, 2003 | 10:54 a.m.

KB Home announced Tuesday that J. Terrence ("Terry") Lanni, chairman and chief executive of Las Vegas-based casino resort operator MGM MIRAGE, has been elected a director of the Los Angeles company. His election brings the number of KB Home directors to 10, of which nine are non-employee directors of the company.

Lanni joined MGM Grand Inc. in June 1995 as president, chief executive officer and a member of the board of directors. He oversaw the acquisition of Mirage Resorts Inc. by MGM Grand Inc. thereby creating MGM MIRAGE.

KB Home is the largest home builder in Southern Nevada, with 2,959 escrow closings in 2002, according to Home Builders Research Inc.

KB Home officials said Lanni was appointed to the board because he is a nationally recognized business leader, and has led a large and diverse public company for many years.

"He brings to the KB Home board the kind of sophisticated, independent business judgment that will help guide our company as we continue to grow and also characterizes the type of leaders we look for," the company said in a statement. "We believe it is valuable to our company and our shareholders to have independent directors who bring to bear a broad knowledge base from across various industries."