Homebuilder KB Home said Thursday that billionaire investor Ron Burkle will not stand for re-election to the company's board at its next annual meeting.

The company said Burkle, who has been on the board for 15 years, wants to devote more time to his other business interests. Burkle made his fortune running supermarkets. He is the head of private investment venture Yucaipa Cos.

In February, Burkle said he would not run for a new term on the board of Yahoo Inc. He has been a director there since 2001.

KB Home's next annual meeting is scheduled for April 1.

Shares fell 20 cents to $16.67 in afternoon trading.