01—Abstract
Summary
Summary of the 8-K filed August 4, 2025. Cited figures are marked; the original filing is the authoritative source.
Lennar Corporation (NYSE: LEN) disclosed in this Form 8-K, filed August 4, 2025, that two senior legal and operations executives will retire effective September 2, 2025.
Fred Rothman, Chief Operating Officer since January 2019, notified the company of his retirement on July 30, 2025. The filing states that Lennar does not plan to replace him, and he will continue to work with the company as a consultant. Mark Sustana, Vice President, General Counsel and Secretary, notified the company of his retirement on August 1, 2025, and entered into a Consulting Agreement with an initial two-year term beginning September 3, 2025, at a fee of $110,000a per month, with a $50,000 per month rate during any extended term.
Katherine Lee Martin will assume the position of Chief Legal Officer and Corporate Secretary effective September 2, 2025. Ms. Martin most recently served as Executive Vice President, General Counsel and Corporate Secretary at Hertz Global Holdings, Inc., having joined Hertz in May 2023. Previously she held leadership roles at X Corp. and Twitter, and spent more than a decade as an Assistant U.S. Attorney at the U.S. Department of Justice.
The company's press release, furnished as Exhibit 99.1, credits Mr. Rothman with helping drive Lennar's shift to a land-light strategy and the successful spin-off of Millrose Properties. The filing itself does not report financial results or quantify any financial impact from these changes.
02—Key points
Key Highlights
- Chief Operating Officer Fred Rothman will retire effective September 2, 2025; Lennar does not plan to replace him and he will continue as a consultant.
- General Counsel and Vice President Mark Sustana will retire effective September 2, 2025, and will serve under a Consulting Agreement with a two-year initial term starting September 3, 2025.
- Sustana's consulting fee is $110,000 per month during the initial term and $50,000 per month during any additional term.
- Katherine Lee Martin will become Chief Legal Officer and Corporate Secretary effective September 2, 2025.
- Martin previously served as Executive Vice President, General Counsel and Corporate Secretary at Hertz Global Holdings, Inc. after joining Hertz in May 2023.
- The company's press release credits Rothman with supporting the land-light strategy and the successful spin-off of Millrose Properties.
03—Questions
Frequently Asked Questions
Who is leaving Lennar and when?
Fred Rothman, Chief Operating Officer, and Mark Sustana, Vice President, General Counsel and Secretary, are both retiring effective September 2, 2025.
Who is replacing the departing legal leadership?
Katherine Lee Martin will assume the position of Chief Legal Officer and Corporate Secretary effective September 2, 2025.
Will Lennar replace the Chief Operating Officer?
The press release states that Lennar does not plan to replace Mr. Rothman. He will continue to work with the company as a consultant.
What are the terms of Mark Sustana's consulting arrangement?
Under a Consulting Agreement, Mr. Sustana will act as an independent contractor for an initial two-year term beginning September 3, 2025, at $110,000 per month. Any additional term, which requires mutual agreement, carries a fee of $50,000 per month. The agreement includes customary non-competition, confidentiality and indemnification provisions.
What is Katherine Lee Martin's background?
Ms. Martin most recently served as Executive Vice President, General Counsel and Corporate Secretary at Hertz, joined Hertz in May 2023, previously held roles at X Corp. and Twitter, and spent more than a decade as an Assistant U.S. Attorney at the U.S. Department of Justice.
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