Lennar Co-CEO Rick Beckwitt to retire Sept 1; Stuart Miller named Co-CEO alongside Jon Jaffe

LENNAR CORP /NEW/

Rick Beckwitt retires as Co-CEO and Co-President effective Sept 1, 2023, resigns from Board.
Stuart Miller, Executive Chairman, becomes Co-CEO (continue as Exec. Chairman); Jon Jaffe remains Co-CEO and President.
Separation agreement provides $20.2M payment to Beckwitt for release, non-compete, cancellation of unvested performance shares.
Beckwitt retains outstanding service-based restricted shares under 2016 Equity Plan.

item 5.02 item 9.01

Executive movements

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Departed

Rick Beckwitt

Co-Chief Executive Officer and Co-President

LEN · LENNAR CORP /NEW/

Effective: 2023-09-01
Successor: Stuart Miller
Filed: July 14, 2023, 7:59 PM ET

Rick Beckwitt, who joined the Company in 2006 and who has served as a Co-Chief Executive Officer and Co-President of the Company since November 2020, has decided to retire as a Co-Chief Executive Officer and Co-President and resign as a member of the Board of Directors of the Company, effective September 1, 2023.

Departed

Rick Beckwitt

member of the Board of Directors

LEN · LENNAR CORP /NEW/

Effective: 2023-09-01
Filed: July 14, 2023, 7:59 PM ET

resign as a member of the Board of Directors of the Company, effective September 1, 2023.

Appointed

Stuart Miller

Co-Chief Executive Officer

LEN · LENNAR CORP /NEW/

Effective: 2023-09-01
Filed: July 14, 2023, 7:59 PM ET

The Company has appointed Stuart Miller as a Co-Chief Executive Officer of the Company to succeed Mr. Beckwitt, effective September 1, 2023, contingent upon the execution and effectiveness of the Beckwitt Separation Agreement (as defined below).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Rick Beckwitt retired as Co-Chief Executive Officer and Co-President at LENNAR CORP /NEW/.

Action: retired
Role: Co-Chief Executive Officer and Co-President

Exact text from the filing

Rick Beckwitt, who joined the Company in 2006 and who has served as a Co-Chief Executive Officer and Co-President of the Company since November 2020, has decided to retire as a Co-Chief Executive Officer and Co-President and resign as a member of the Board of Directors of the Company, effective September 1, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Rick Beckwitt resigned as member of the Board of Directors at LENNAR CORP /NEW/.

Action: resigned
Role: member of the Board of Directors

Exact text from the filing

resign as a member of the Board of Directors of the Company, effective September 1, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Stuart Miller was appointed as Co-Chief Executive Officer at LENNAR CORP /NEW/.

Action: appointed
Role: Co-Chief Executive Officer

Exact text from the filing

The Company has appointed Stuart Miller as a Co-Chief Executive Officer of the Company to succeed Mr. Beckwitt, effective September 1, 2023, contingent upon the execution and effectiveness of the Beckwitt Separation Agreement (as defined below).

View on SEC.gov

LENNAR CORP /NEW/ filing history →

Source: SEC EDGAR

accession 0001628280-23-024926

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