LENNAR CORPORATION (NYSE:LEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April11, 2018, the Board of Directors of Lennar Corporation (the “Company”) elected Stuart Miller, Rick Beckwitt, Jon Jaffe, Bruce Gross, Diane Bessette and Mark Sustana to new executive positions with the Company.
Stuart Miller, 60, who had been Chief Executive Officer and a director of the Company, was elected to the new position of Executive Chairman of the Board.
Rick Beckwitt, 59, who had been the President of the Company, was elected as the new Chief Executive Officer of the Company, and was elected to the Board of Directors.
Jon Jaffe, 58, who had been Vice President and the Chief Operating Officer of the Company, was elected as the new President of the Company, and will continue as Chief Operating Officer of the Company. Mr. Jaffe was also elected to the Board of Directors.
Bruce Gross, 59, who had been a Vice President and the Chief Financial Officer of the Company, became the Chief Executive Officer of Lennar Financial Services.
Diane Bessette, 57, who has been a Vice President and the Treasurer of the Company, was elected to the additional position of Chief Financial Officer.
Mark Sustana, 56, who has been the Secretary and General Counsel of the Company, was elected to the additional position of Vice President.
Biographical information about each of Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Ms. Bessette, Mr. Gross and Mr. Sustana appears in the Company’s Annual Report on Form 10-K for the year ended November 30, 2017, and is incorporated herein by reference.
Because of the changes in Ms. Bessette’s and Mr. Gross’ responsibilities, their compensation arrangements for the fiscal year ending November 30, 2018 will be reviewed. The compensation arrangements of Mr. Miller, Mr. Beckwitt and Mr. Jaffe did not change as a result of their new positions. Mr. Miller, Mr. Beckwitt and Mr. Jaffe will not receive additional compensation as members of the Company’s Board of Directors. There are no arrangements or understanding between any of the officers and any other person to which any officer was elected to the positions described above. There are no family relationships between any of the officers and any of the Company’s directors or executive officers, and the Company has not entered into any transactions with any of the officers requiring disclosure under Item 404(a) of Regulation S-K, except for those transactions disclosed in the Company’s Proxy Statement dated February 28, 2018 relating to the 2018 Annual Meeting of Stockholders.
A press release announcing the foregoing is attached to this report as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
The following exhibit is furnished as part of this Current Report on Form 8-K.
Exhibit No.Description of Document
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99.1 |
Press Release issued by Lennar Corporation.
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LENNAR CORP /NEW/ ExhibitEX-99.1 2 ex991pressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Contact:Allison BoberInvestor RelationsLennar Corporation(305) 485-2038FOR IMMEDIATE RELEASELennar’s Board of Directors Elects New Executive PositionsMIAMI,…To view the full exhibit click here
About LENNAR CORPORATION (NYSE:LEN)
Lennar Corporation is a homebuilder that operates in various states with deliveries of over 24,290 new homes. The Company’s segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily. Its Homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which it has investments. The Lennar Financial Services segment operations include mortgage financing, title insurance and closing services for its homebuyers and others. The Rialto segment operations include commercial real estate, investment management and finance company. The Lennar Multifamily segment develops a portfolio of institutional multifamily rental properties in select the United States markets.