Occidental’s Irani leaves KB board

From Times Staff and Wire Reports

After 15 years as a KB Home director, Ray Irani resigned from the Los Angeles builder’s board. No reason was given.

Irani, 72, chairman and chief executive of Occidental Petroleum Corp., had been reelected to KB’s board five months ago. He was head of its compensation committee, which signed off on rich stock option grants for former CEO Bruce Karatz.

Federal authorities are investigating Karatz, who was forced out last year, and the company to determine if stock option grants were backdated to ensure more lucrative payouts.