Lennar Corporation (NYSE:LEN), a leading home construction company with a market capitalization of $37.49 billion and an "GREAT" financial health rating according to InvestingPro, announced today that Sidney Lapidus, a long-standing member of its Board of Directors, will not seek re-election at the upcoming 2025 Annual Meeting of Stockholders. Following Mr. Lapidus’ decision, the board will decrease its size from eleven to ten members.
Mr. Lapidus has served on Lennar’s board since 1997, following the acquisition of Pacific Greystone Corporation. He played a pivotal role as the company’s Lead Director from 2005 until April 10, 2024, and as Chair of the Independent (LON:IOG) Directors Transactions Committee. His tenure with the company will conclude at the 2025 Annual Meeting, but he will maintain his board responsibilities until then.
The company clarified that Mr. Lapidus’ departure is not due to any disagreements with Lennar’s operational, policy, or practice matters. Lennar’s Executive Chairman and Co-Chief Executive Officer, Stuart Miller, expressed gratitude on behalf of the board for Mr. Lapidus’ valuable contributions, leadership, and dedicated service over the years.
Armando Olivera was previously appointed as Lead Director, effective since the conclusion of the 2024 Annual Meeting. Mr. Lapidus’ extensive experience, gained from his career as a partner at Warburg Pincus LLC and as a director for various public and private companies, has been highly regarded by Lennar.
Lennar’s decision to reduce the size of the board aligns with the company’s governance practices and follows the natural expiration of Mr. Lapidus’ term. The company has made no further announcements regarding a replacement for Mr. Lapidus or changes to the board’s composition following the reduction.
In other recent news, Lennar Corporation has been the subject of various analyst revisions and market expectations. Amid the ongoing wildfires in Los Angeles, homebuilding stocks, including Lennar, have seen gains, suggesting a market expectation for increased demand due to reconstruction efforts.
Simultaneously, Lennar’s stock rating has been upgraded from ’Underperform’ to ’Sector Perform’ by RBC Capital Markets, while Wolfe Research downgraded the company’s stock from ’Outperform’ to ’Peer Perform’, citing a projected sharp gross margin decline in 2025. RBC Capital Markets also reduced the price target for Lennar’s shares to $130.00, maintaining an underperform rating.
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