Company: LEN
Filing Date: 2025-01-15
Form Type: 8-K
Source: 0001628280-25-001600
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Company: LENNAR CORP /NEW/
Filing Date: 2025-01-15
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 13, 2025, Sidney Lapidus, a member of the Board of Directors (the “ Board”) of Lennar Corporation (the “ Company”), notified the Board of his decision not to stand for re-election to the Board at the Company’s 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”). Mr. Lapidus currently serves as the Chair of the Independent Directors Transactions Committee of the Board. Mr. Lapidus’ current term on the Board is set to expire at the 2025 Annual Meeting, and he will continue to serve on the Board and as Chair of the Independent Directors Transactions Committee until that time. The Company previously appointed Armando Olivera as Lead Director, effective as of the conclusion of the Company’s 2024 Annual Meeting on April 10, 2024. Mr. Lapidus’ decision not to stand for re-election is not a result of any disagreement with the Company relating to the Company’s operations, policies or practices. In connection with Mr. Lapidus’ decision, the Board determined to reduce the size of the Board from eleven members to ten members, effective as of the expiration of Mr. Lapidus’ term.

Mr. Lapidus, a retired partner of Warburg Pincus LLC (“ Warburg Pincus”) - a private equity investment firm where he was employed from 1967 until his retirement in 2007 - joined the Board in 1997 in connection with the Company’s acquisition of Pacific Greystone Corporation and served as the Company’s Lead Director from 2005 to April 10, 2024. Mr. Lapidus’ extensive knowledge of business enterprises (including homebuilding companies) and corporate governance he gained as a partner at Warburg Pincus and as a director of a number of publicly- and privately-owned companies, as well as his leadership, experience and wisdom both in the position of Lead Director and as a director of the Company, have been invaluable to the Board and the Company. On behalf of the Company and the full Board, Stuart Miller, the Company’s Executive Chairman and Co-Chief Executive Officer, thanked Mr. Lapidus for his years of distinguished service, leadership and dedication to the Company.