8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

November 2, 2020

Date of Report (Date of earliest event reported)

LENNAR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-11749	95-4337490
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

700 Northwest 107^th Avenue, Miami, Florida 33172

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $.10	LEN	New York Stock Exchange
Class B Common Stock, par value $.10	LEN.B	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)

On November 2, 2020, Irving Bolotin and Scott Stowell, both members of the Board of Directors (the “Board”) of Lennar Corporation (the “Company”), each notified the Board that he does not plan to stand for re-election at the Company’s 2021 Annual Meeting of Stockholders. Mr. Bolotin and Mr. Stowell have been valuable members of the Company’s Board. Each of Mr. Bolotin’s and Mr. Stowell’s decision reflects the continuing focus of the Board on inclusion and diversity and the need for vacancies as a part of that focus. Their decisions were not the result of any disagreement with the Company.

(c)

On November 2, 2020, the Board elected Rick Beckwitt and Jon Jaffe to new executive positions with the Company.

Mr. Beckwitt, 61, who had been the Chief Executive Officer of the Company, and Mr. Jaffe, 61, who had been the President of the Company, each was elected to the positions of Co-Chief Executive Officer and Co-President of the Company. Mr. Beckwitt and Mr. Jaffe each has also been a member of the Board of Directors of the Company since 2018.

Biographical information about each of Mr. Beckwitt and Mr. Jaffe appears in the Company’s Annual Report on Form 10-K for the year ended November 30, 2019 and is incorporated herein by reference.

The compensation arrangements of Mr. Beckwitt and Mr. Jaffe did not change as a result of their new positions. There are no arrangements or understanding between either of the officers and any other person pursuant to which either officer was elected to the positions described above. There are no family relationships between either of the officers and any of the Company’s directors or executive officers, and the Company has not entered into any transactions with either 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 26, 2020 relating to the 2020 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.

(d) Exhibits.

Exhibit No.	Description of Document
99.1	Press release issued by Lennar Corporation
104	Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 6, 2020	Lennar Corporation
	By:	/s/ Diane Bessette
	Name:	Diane Bessette
	Title:	Vice President, Chief Financial Officer and Treasurer

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EX-99.1

Exhibit 99.1

Contact:

Allison Bober

Investor Relations

Lennar Corporation

(305) 485-2038

FOR IMMEDIATE RELEASE

Lennar's Board of Directors Elects Officers to New Executive Positions

MIAMI, November 3, 2020 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today announced that its Board of Directors has elected Jon Jaffe as Co-Chief Executive Officer and Co-President of Lennar, titles he will now share with Rick Beckwitt.

Stuart Miller, Executive Chairman of Lennar, said, “Today I am very pleased to recognize the extraordinary contribution that Jon Jaffe has made to Lennar’s leadership position in the homebuilding industry. I have noted repeatedly that Jon and Rick have operated consistently as partners in the oversight of our homebuilding platform. Today we proudly recognize and formalize that partnership.”

Mr. Miller continued, “Jon has driven operational excellence at the same time that he has helped shape our strategic direction and our corporate communication. Going forward, Rick, Jon and I will continue to execute our business plan and strategy with the same excellence and shared responsibilities that we have to date.”

Rick Beckwitt, Co-Chief Executive Officer and Co-President of Lennar, said, “Jon’s promotion to Co-CEO and Co-President reflects to the outside world the way that we have operated internally since I arrived at Lennar over 14 years ago. This partnership has worked seamlessly and driven Lennar’s performance as we have focused on generating cash flow, driving returns and enhancing shareholder value as Lennar has grown.”

Mr. Beckwitt added, “Specifically, Jon’s collaborative approach and ‘whatever it takes’ attitude is exactly why our partnership works on a day-to-day basis and why today’s announcement is an important structural reflection for our company. Together with our Board of Directors, and the entire Lennar team, Stuart and I congratulate Jon on this well-deserved promotion and recognition.”

Mr. Beckwitt, who is a member of the Lennar Board of Directors, had been Lennar’s Chief Executive Officer since 2018, and has worked with Lennar in various positions for 14 years. Mr. Beckwitt has been involved in the homebuilding and construction industry for more than 30 years. Prior to joining Lennar, he was on the Board of Directors of D.R. Horton, Inc., and held various executive officer positions with the company, including President.

Mr. Jaffe, who is a member of the Lennar Board of Directors, had been Lennar’s President since 2018, and has worked with Lennar in various positions, including Chief Operating Officer, for more than 30 years. Mr. Jaffe led the Company's expansion into California in 1995 and is responsible for Lennar's dominant position in California and the Western United States.

About Lennar

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LEN^X drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

XML

Cover Page Document	Nov. 02, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 02, 2020
Entity Registrant Name	LENNAR CORP /NEW/
Entity Incorporation, State or Country Code	DE
Entity File Number	1-11749
Entity Tax Identification Number	95-4337490
Entity Address, Address Line One	700 Northwest 107th Avenue
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33172
City Area Code	305
Local Phone Number	559-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000920760
Amendment Flag	false
Class A Common Stock, par value $.10
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $.10
Trading Symbol	LEN
Security Exchange Name	NYSE
Class B Common Stock, par value $.10
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $.10
Trading Symbol	LEN.B
Security Exchange Name	NYSE