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 April 11, 2018 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) 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) (IRS Employer Identification No.) 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)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company o 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. On April 11, 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 pursuant 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 99.1 Press Release issued by Lennar Corporation.
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: April 16, 2018 Lennar Corporation By: Name: Title: /s/ Diane Bessette Diane Bessette Vice President, Chief Financial Officer and Treasurer
Exhibit 99.1 Contact: Allison Bober Investor Relations Lennar Corporation (305) 485-2038 FOR IMMEDIATE RELEASE Lennar s Board of Directors Elects New Executive Positions MIAMI, April 12, 2018 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today announced that its Board of Directors has elected Stuart Miller, Rick Beckwitt, Jon Jaffe, Bruce Gross and Diane Bessette to new executive positions with the Company. Today s announced management changes recognize the hard work, effective leadership, collaboration and significant contribution that each of these executives have brought to Lennar over many years. Stuart Miller will continue his leadership role with Lennar as the newly appointed Executive Chairman. As Executive Chairman, Mr. Miller will continue to be actively involved in all aspects of the Company s operations and continue to set the strategic direction for Lennar. Mr. Miller has worked full time at Lennar for more than 35 years and has served as its Chief Executive Officer for 21 years. Rick Beckwitt has been elected as the new Chief Executive Officer of Lennar. He also was elected to the Lennar Board of Directors. Mr. Beckwitt has worked with Lennar for 12 years and has been the Company s President since 2011. Mr. Beckwitt has been involved in the homebuilding and construction industry for more than 30 years. Prior to joining Lennar, he was previously on the Board of Directors of D.R. Horton, Inc., and held various executive officer positions including President of the company. Jon Jaffe has been elected as the new President of Lennar and will continue as the Company s Chief Operating Officer. He also was elected to the Lennar Board of Directors. Mr. Jaffe has worked with Lennar for more than 30 years and has been the Company s Chief Operating Officer since 2004. 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. Mr. Miller said, Rick, Jon and I have operated a unique partnership as leaders of Lennar to drive the day-to-day operations of the Company to new heights and to expand new horizons. We have not only driven growth and efficiency in our core operations but have navigated the inception and growth of our multifamily operations as well as guided our other ancillary businesses to maturity. We are all energized and committed to continue to enhance and expand this extraordinary company. The Lennar Board of Directors also elected Bruce Gross as the new Chief Executive Officer of Lennar Financial Services ( LFS ). Mr. Gross has worked with Lennar for more than 25 years and has served as the Company s Chief Financial Officer since 1997. He also has overseen LFS, which includes Eagle Home Mortgage and North American Title. Starting in the second quarter of 2018, LFS will include the operations of Rialto Mortgage Finance and will target the expansion into a broader range of structured finance solutions for real estate assets. Diane Bessette has been elected as the new Chief Financial Officer of Lennar and will continue as the Company s Treasurer. She has worked with Lennar for more than 23 years and has served as the Company s Treasurer since 2008 and Controller from 1997 to 2008. Ms. Bessette s vast experience with the Company enables Lennar to operate efficiently and with confidence that integrity and precision are maintained in all of the Company s reporting. Sidney Lapidus, the Lead Director of Lennar, said, Lennar has always been recognized for its deep and seasoned management team. Under the leadership of Stuart Miller, the executive team at Lennar has worked hand in hand to
navigate the housing collapse and the subsequent recovery. Through their collaborative dedication and hard work, Lennar has become the largest and most profitable homebuilder in the country. These new management positions reflect the significant contributions that each executive has made and will continue to make to the Company s success and growth. 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 insurance and closing services for both buyers of Lennar's homes and others. Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Previous press releases and further information about Lennar may be obtained at the "Investor Relations" section of Lennar's website, www.lennar.com.