Lennar co-CEO Jon Jaffe to retire after 42-year career

MIAMI - Lennar Corporation (NYSE:LEN and LEN.B), currently valued at $30.9 billion, announced Friday that Co-Chief Executive Officer and President Jon Jaffe will retire effective December 31, 2025, concluding a 42-year career with the homebuilder.

Following Jaffe's departure, Stuart Miller will continue as Executive Chairman and serve as Chief Executive Officer, with the company stating it has no plans to replace Jaffe's position. This leadership transition comes as InvestingPro data shows Lennar trading at a P/E ratio of 11.98, with analysts expecting the company to remain profitable this year despite forecasts of declining net income.

Jaffe, who joined Lennar in 1983 as an assistant superintendent in Tampa, will also step down from his role as a Director of the Board. Throughout his career, he rose through the ranks and played key roles in the company's national expansion, particularly in California, and helped navigate challenges including Hurricane Andrew and the Great Recession.

"Jon has been a driving force behind Lennar's success," said Miller in the press release. "His dedication, work ethic, and operational focus have provided mentorship and shaped our company into what it is today."

According to the announcement, Jaffe's retirement aligns with Lennar's strategic efforts to restructure its organization to build more affordable homes.

Jaffe stated: "It has been a privilege and a passion to spend more than 40 years at Lennar, working with such talented and dedicated people to help build this organization into one of the nation's leading homebuilders."

Lennar Corporation, founded in 1954, is one of America's largest homebuilders, providing homes across various market segments while also operating financial services and multifamily development divisions.

The information in this article is based on a company press release statement.

In other recent news, Lennar Corporation has announced an extension of the expiration date for its exchange offer of Millrose Properties shares due to the U.S. federal government shutdown. The exchange offer, initially set to expire on November 7, 2025, will now conclude on November 14, 2025. This offer involves trading approximately 20% of Millrose's outstanding shares owned by Lennar for Lennar Class A common stock. Additionally, Lennar has declared a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock, payable on October 27, 2025. In analyst updates, Keefe, Bruyette & Woods has reiterated its Market Perform rating for Lennar, maintaining a price target of $125.00. However, the firm has reduced its earnings per share estimates for the fourth quarter of 2025 by 18% and for 2026 by 4%, citing lower expected deliveries and reduced financial services income. These developments reflect Lennar's ongoing strategic maneuvers and the challenging market conditions it faces.

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