MIAMI, Jan. 12 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B) announced that Steve Saiontz has informed the Company of
his decision to resign from the Company's Board of Directors effective
immediately.
"I have enjoyed my opportunity to work with Lennar Corporation," said Mr.
Saiontz. "I am stepping down at this time to focus additional time on a
variety of other business interests and projects, some of which may create
conflicts of interest that would limit my ability to serve on the Company's
Board. It has been an honor to serve this great company, and I remain
confident about its future success." Mr. Saiontz also informed the Board that
he resigns having no disagreement with the Board or management regarding the
Company's operations, policies or practices.
"As a member of the Board since 1990, Mr. Saiontz has made many important
contributions to both the early and the recent growth and business success of
Lennar for which we are very grateful," said Robert Strudler, Chairman of
Lennar's Board of Directors. "We have benefited greatly from his wisdom and
perspective, and we wish him continued success."
Separately, Herve' Ripault has informed the Company that he will not stand
for reelection to the Company's Board of Directors when his term expires at
the Company's Annual Meeting of Stockholders in 2006.
Mr. Ripault, who resides in Paris, France, told the Board of Directors he
will be devoting more time to other business and personal interests. Mr.
Strudler and Mr. Ripault have agreed that, given the significant commitment of
time required for travel to and attendance at Board meetings, this decision is
appropriate at this time. Mr. Ripault stated that he will complete his term
as a Director having no disagreement with the Board or management regarding
the Company's operations, policies or practices.
"Mr. Ripault, who has served on the Company's Board since May 2000, and
prior to that on the Board of U. S. Home Corporation until its merger with the
Company, has made many valuable contributions to Lennar and our Board during
his service," said Mr. Strudler. "We greatly value the insight and experience
he has brought to our company during an era of rapid change as well as
significant growth and success for Lennar, and we wish him continued success."
In September 2005, the Board added Jeffrey Sonnenfeld, the Senior
Associate Dean for Executive Programs and the Lester Crown Professor-in-the-
Practice of Management for the Yale School of Management, to serve as an
independent member of the Board. As a result of this addition and the
director departures, after the Company's 2006 Annual Meeting of Stockholders
to be held in March, the Company's Board of Directors will consist of eight
members. The Board intends to evaluate the desirability of adding additional
directors in order to further enhance the contribution of the Board to the
performance of the Company.
Lennar Corporation, founded in 1954, is headquartered in Miami, Florida
and is one of the nation's leading builders of quality homes for all
generations, building affordable, move-up and retirement homes. The Company
operates primarily under the Lennar and U.S. Home brand names and utilizes a
Dual Marketing strategy consisting of the Everything's Included(R) and Design
Studio(SM) programs. Lennar's Financial Services Division provides mortgage
financing, title insurance, closing services and insurance agency services for
both buyers of the Company's homes and others. Its Strategic Technologies
Division provides high-speed Internet and cable television services to
residents of the Company's communities and others. Previous press releases may
be obtained at http://www.lennar.com .
SOURCE Lennar Corporation
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http://www.lennar.com
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NewsCom:
http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/507038.html
CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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