Lennar announced that its long‑time Co‑Chief Executive Officer and President Jon Jaffe will retire effective December 31, 2025, after 42 years of service that began in 1983.
Stuart Miller will continue as Executive Chairman and will take on the CEO role, with no new CEO being named. The board of directors will reduce its size from ten to nine members, effective December 31, 2025, streamlining governance alongside the leadership change.
The transition comes as Lennar accelerates its asset‑light, technology‑driven strategy. The company now manages 98 % of its lot positions through options, freeing capital and improving operational flexibility. Management has linked Jaffe’s retirement to a broader effort to remake the organization’s cost structure and build more affordable homes, a priority that has guided recent capital allocation and operational initiatives.
In its most recent earnings release, Lennar reported Q3 2025 revenue of $8.81 billion, below the consensus estimate of $9.01 billion, and earnings per share of $2.00, missing the consensus of $2.14. Gross margin was approximately 18 %, reflecting a mix shift toward higher‑margin homebuilding segments and disciplined cost control amid rising material costs. Management highlighted that the company’s focus on affordability and efficiency has helped maintain profitability despite headwinds such as higher interest rates and supply‑chain constraints.
After the announcement, Lennar’s shares experienced a modest after‑hours uptick, indicating that investors viewed the succession as orderly and consistent with the company’s long‑term strategy. The broader market sentiment toward Lennar remained positive, with the stock outperforming the construction sector over the past month.
The leadership transition preserves continuity while positioning Lennar to pursue its affordability agenda. With Miller’s deep experience and the board’s streamlined structure, the company aims to sustain operational efficiency, capitalize on its asset‑light model, and continue delivering value to homeowners and investors alike.
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