01—Abstract
Summary
Summary of the 8-K filed June 24, 2024. Cited figures are marked; the original filing is the authoritative source.
Lennar Corporation's Form 8-K, dated June 24, 2024, reports that Jeff McCall, Executive Vice President since January 2020, is transitioning to a non-executive role effective June 20, 2024.
McCall, formerly Chief Financial Officer of CalAtlantic Group, Inc., joined the Company in 2018 following its acquisition of CalAtlantic. The filing credits him with improving the Company's information technology systems and with transforming Quarterra Group, Inc., the wholly owned subsidiary through which the Company operates its Multifamily business, where he served as Chief Operating Officer. McCall will remain with the Company through a transition period ending March 1, 2025, helping transfer his Quarterra duties to other members of management and working on special projects.
During this period he will continue to receive his current compensation and benefits, and his previously granted equity awards will remain outstanding and continue to vest under their existing terms. His fiscal 2024 annual cash incentive award is discretionary and subject to ongoing evaluation.
As of the Effective Date, McCall will no longer be an executive officer or a Section 16 officer under the Securities Exchange Act of 1934. The filing lists no financial results; its only exhibit is the Inline XBRL cover page data file (Exhibit 104).
02—Key points
Key Highlights
- Jeff McCall, Executive Vice President since January 2020, moves to a non-executive role effective June 20, 2024.
- McCall will no longer be an executive officer or a Section 16 officer as of the Effective Date.
- Transition period runs through March 1, 2025, during which he assists with transferring Quarterra duties and works on special projects.
- During the transition, McCall keeps his current compensation and benefits, and his existing equity awards continue to vest on their original terms.
- His fiscal 2024 annual cash incentive award is discretionary and subject to ongoing evaluation.
- McCall previously served as Chief Operating Officer of Quarterra Group, Inc., the Company's Multifamily subsidiary, and joined Lennar in 2018 after the CalAtlantic acquisition.
03—Questions
Frequently Asked Questions
Who is leaving their executive role at Lennar?
Jeff McCall, who has served as Executive Vice President since January 2020, is transitioning to a non-executive role effective June 20, 2024.
When does McCall's transition period end?
The transition period runs through March 1, 2025, during which he will help transfer his Quarterra responsibilities to other management and work on special projects.
Will McCall's equity awards and compensation change?
During the transition period he continues to receive his current compensation and existing benefits, and his previously granted equity awards remain outstanding and keep vesting on their current terms. His fiscal 2024 annual cash incentive is discretionary and under ongoing evaluation.
What is McCall's role in Quarterra?
He served as Chief Operating Officer of Quarterra Group, Inc., the wholly owned subsidiary through which Lennar runs its Multifamily business. The filing credits him with improving its operating systems and aligning it with the homebuilding business.
Does this filing report financial results?
No. The filing covers an executive transition, and its only listed exhibit is the Inline XBRL cover page data file (Exhibit 104).
04—Continue