LOS ANGELES (AP) -- Homebuilder KB Home said Friday board member Leslie Moonves will be stepping down.
Moonves, who is CEO of CBS Corp., will leave the board after the company's next shareholder's meeting on April 12.
The company said Moonves will leave the board to devote more time to other professional commitments and interests. Moonves has been on the board for eight years.
"I have the highest regard for KB Home's terrific board and capable management team, and believe that through their efforts, the company is well-positioned to achieve future success," Moonves said in a brief statement.
KB Home, like other homebuilders, has been battered by the housing bust and recession. The company's stock is trading at less than a quarter of its value before the housing bust in mid-2007, when the stock was near $45 a share.
KB Home stock rose 15 cents, or nearly 2 percent, to close at $9.85.
