FOR
IMMEDIATE RELEASE
LENNAR
APPOINTS JEFFREY SONNENFELD
TO
THE BOARD OF DIRECTORS
MIAMI,
September 30, 2005 -- 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.”
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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® and Design StudioSM
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
www.lennar.com.
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