Lennar Corp Co-CEO Jonathan Jaffe to Retire

By Hao Liu • Saturday, November 15 15:27 • Permanent Link

Lennar Corporation (NYSE: LEN and LEN.B) has announced the retirement of Jonathan Jaffe, Co-CEO and President, effective December 31, 2025. Jaffe, who has had a distinguished 42-year career with the company, will also step down from his role as a director of the board of the company. After his retirement, Stuart Miller will continue to serve as executive chairman and chief executive officer of Lennar, with no plans to replace Jaffe's role.

Jaffe joined Lennar in 1983 as an assistant superintendent in Tampa and worked his way up to become Co-CEO and President. Stuart Miller praised Jaffe's dedication, work ethic, and operational focus, which have been instrumental in shaping the company. Jaffe, in turn, expressed his pride in the company's accomplishments and his excitement about Lennar's future.

This transition sets the stage for the company's next phase – a strategic evolution into a leaner, more efficient, technology-driven enterprise focused on building a healthier housing market and helping more families achieve the dream of homeownership.

Looking at the financials, Lennar's revenue and earnings figures for the last period were $7.3 billion and $1.02 per share, respectively. These figures represent an increase of 17% and 28% compared to the same period last year. Additionally, the company's gross margin improved by 140 basis points to 23.4% compared to the prior year.

In terms of the company's homebuilding operations, new orders increased by 16% to 16,456 homes, and the dollar value of new orders rose by 28% to $7.8 billion. The backlog of homes increased by 21% to 28,877 homes, with a backlog dollar value of $14.1 billion, marking a 27% increase.

Lennar's financial services segment also saw significant growth, with earnings before tax increasing by 29% to $96.2 million. The segment's operating earnings grew by 19% to $89.3 million, and the capture rate on homes delivered improved to 81%.

The market has reacted to these announcements by moving the company's shares -0.11% to a price of $121.11. Check out the company's full 8-K submission here.

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