MIAMI, Sept. 30 /PRNewswire-FirstCall/ -- Lennar Corporation
(NYSE: LEN and LEN.B) announced that the Company's Board of Directors has
appointed 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.
Professor Sonnenfeld's appointment increases the size of the Company's
Board to ten members, and increases the number of "independent" directors, as
defined under the New York Stock Exchange Corporate Governance standards, to
seven.
Professor Sonnenfeld, 51, is the Founder and President of The Chief
Executive Leadership Institute of Yale University. The Institute is the
nation's first "CEO College" and each year brings together hundreds of CEOs,
regulators, accounting professionals and shareholder activists for educational
forums. The Institute is dedicated to the advancement of top leadership
education and corporate governance through scholarly research and peer-driven
educational programs.
"We are pleased to add an individual with Jeff Sonnenfeld's outstanding
experience and qualifications to our Board of Directors," said Robert
Strudler, Chairman of the Board of Directors of Lennar Corporation. "We
believe that Jeff's business acumen and experience, as well as his exceptional
work in the areas of corporate governance and leadership development will
provide our Company invaluable insight at a time when good governance is a
priority for management, shareholders and the investment community."
Previously, Professor Sonnenfeld served as a Professor at the Goizueta
Business School of Emory University. At Emory, Professor Sonnenfeld founded
the Center for Leadership & Career Studies, which he directed for eight years.
Before his service at Emory, Professor Sonnenfeld spent ten years as a
professor at the Harvard Business School. His research, publications and
consulting address issues of top leadership development, executive succession
and board governance. Professor Sonnenfeld also comments on the human side of
management as demonstrated by his authorship of What Makes Great Boards Great,
a prominent article published by Harvard Business Review. His book, The Hero's
Farewell - What Happens When CEOs Retire (Oxford University Press), was
celebrated by BusinessWeek and The Financial Times as the "standard new
management book of the decade." His research in corporate governance is
demonstrated by his latest book, Leadership and Governance from the Inside Out
(John Wiley & Sons).
Professor Sonnenfeld is an active consultant to boards and CEOs of major
corporations on top leadership issues. He is also a frequent media commentator
on matters of leadership and corporate governance.
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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CONTACT:
Marshall Ames, Investor Relations, Lennar
Corporation, +1-305-485-2092
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