Guerrero issued a statement Tuesday saying he had reviewed what was best for program and decided to stay with Howland.
He says Howland understands management and oversight of the program needs to improve.
UCLA is coming off a difficult season that included standout player Reeves Nelson getting kicked off the team and ended with the Bruins being left out of the NCAA tournament. The Bruins finished fifth in the conference for the second straight year and lost in the quarterfinals of the league tournament, giving them a 19-14 record.
It was the third consecutive season in which the Bruins recorded double-digit losses following three consecutive trips to the Final Four.
Howland was believed to be in a mix of possible candidates for the opening at Nebraska.