KB Home’s chief financial officer is retiring next year, the Los Angeles-based homebuilder said Thursday.

Domenico Cecere, who has been CFO of KB for the past five years, will retire in May. KB said it is currently conducting a search for his replacement.

Cecere, 58, said in a statement that while “there is never a perfect time to leave,” he feels confident about his departure because KB Home has one of the strongest balance sheets in the homebuilding industry and added that the company’s strategies are “fully in place.”

Shares closed down 1 percent, or 30 cents, to $29.60 in trading Thursday on the New York Stock Exchange.