Kennedy-Wilson Holdings Inc. said Jerry Solomon stepped down from its board and Todd Boehly was elected as an independent director, effective March 12.

Boehly is the chairman and CEO of Eldridge Industries LLC, in which he is the controlling member indirectly. He is also chairman of Security Benefit Corp.

Under a stock purchase agreement, Quinton Heights LLC and Security Benefit Life Insurance Co. may nominate one person to Kennedy-Wilson's board, provided that it and its affiliates continue to own a certain percentage of the real estate investment company's common stock.

Boehly, directly or indirectly, owns more than a 10% equity interest in each of Eldridge, Security Benefit, Security Benefit Life, Quinton Heights, Cain International Advisers Ltd. and their subsidiaries, according to a filing.