KB Home (NYSE: KBH) is losing a very prestigious name on its Board of Directors. The company just announced that Ron Burkle will not stand for re-election to KB’s Board of Directors at the next annual meeting of stockholders. That meeting is being held on April 1, 2010. It’s no April Fool’s Day.
Burkle said he not standing for re-election in order to devote more time to his other business interests.
Burkle is the founder and managing partner of Yucaipa Companies and has served on the Board of KB for more than 15 years.
Yucaipa also has done property deals with KB in the past. Burkle’s statement included the following:
- “It has been a pleasure to serve on KB Home’s Board… This is a well-run company with an excellent business model, and I look forward to following its success in the future.”
JON C. OGG