Exhibit
99.1
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Contact: |
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Marshall
Ames |
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Investor
Relations |
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Lennar
Corporation |
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(305)
485-2092 |
FOR
IMMEDIATE RELEASE
CHANGES
TO LENNAR CORPORATION’S BOARD OF DIRECTORS
MIAMI,
January 12, 2006 -- 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,
Hervé 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® 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.