KB Home board member resigns
Los Angeles-based KB Home has announced the resignation of J. Terrence Lanni as a member of the home builder’s board of directors, effective Nov. 13, 2008. Lanni was elected to the board in August 2003.
“I leave confident in the company’s future success when the housing market recovers and with tremendous respect for the KB Home board and KB Home’s management team,” Lanni said.
“I want to thank Terry for his dedicated service and valuable contributions to KB Home and its stockholders,” said Jeffrey Mezger, president and CEO. “We sincerely respect and appreciate the astute business sense, substantial leadership and sound judgment he provided as a board member, and we wish him the best in his future endeavors.”
HCN Stock Index drops 6.5 percent
The Home Channel News Stock Index dropped 6.42 percent on Wednesday, to close at 557.69. That’s down 42.4 percent from Sept. 15, the day of the Lehman Brothers bankruptcy announcement.
The Dow Jones Industrial Average declined 5.1 percent on Wednesday, closing at 7,997.28.
Of the 20 companies on the HCN index, only Louisiana Pacific showed a gain. LP shares jumped 21 cents to close at $1.83. On Tuesday, the company announced cost cutting measures including 200 job cuts. Among home channel stocks, Home Depot dropped 4.6 percent, Lowe’s dropped 5.6 percent and The Stanley Works dropped 10.3 percent.
Texas hardware store to move after 98 years
Wallace-Thompson True Value — which has occupied the same spot in downtown Rusk, Texas, for 98 years — will move to a new location, according to the Cherokeean Herald, a Texas newspaper.
The business, started by W.H. Wallace in 1895, is still operated by the same family. They plan to move on Nov. 24 and will hold a grand opening in the spring along with the opening of a new garden center.
The new store will have a state of the art paint department featuring True Value Paints, a full line of lawn and garden items and expanded electrical, plumbing and builder’s hardware departments, the article said.