To remove an equipment callout on the drawing, go to
Ribbon: DM Electrical->Devices-> 
Remove Equipment Callout
Pulldown Menu: DM Electrical->Equipment->Remove Equipment Callout
You will be prompted to select the equipment for which the callout will be removed.
Select equipment or callout:
The selected callout will be removed from the drawing. The callout can be reinserted with the Insert or Move Equipment Callout command.