KB Home's 'Emeritus' Director Bylaw Invalid, Chancery Rules

By Leslie A. Pappas (April 12, 2024, 5:20 PM EDT) -- A KB Home bylaw that allowed the homebuilder's board to unilaterally shift an acting director into a non-functioning "emeritus" role without conducting a stockholder vote is invalid under Delaware law, a Delaware Chancery Court judge said Friday, siding with a shareholder who challenged the rule....

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