Armando Olivera
Lead Director at LEN
Board
About Armando Olivera
Armando Olivera, age 75, has served as an independent director of Lennar since 2015 and was appointed Lead Director effective April 10, 2024. He is a retired President and CEO of Florida Power & Light (FPL), bringing deep leadership, engineering, and operations expertise; he is an SEC-designated audit committee financial expert. His tenure at Lennar includes roles on the Audit, Nominating & Corporate Governance, and Executive Committees, with Lead Director duties presiding over independent director sessions and liaising with management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Florida Power & Light Company | President & CEO | Retired May 2012 | Led one of the largest investor-owned U.S. electric utilities; extensive operations oversight |
| Florida Reliability Coordinating Council | Chair | Not disclosed | Focused on reliability and adequacy of bulk electricity in Florida |
| Southeastern Electric Exchange | Chair | Not disclosed | Coordinated storm restoration, operational and technical resources |
| Britton Hill Partners | Senior Advisor | Post-retirement | Private equity advisory |
| Ridge-Lane LP (Sustainability) | Venture Partner | 2017–2021 | Venture development in sustainability |
| AGL Resources Inc. | Director | Dec 2011–Jul 2016 | Board service at gas utility holding company |
| Miami Dade College | Trustee, Vice Chair | Until 2018 | Governance oversight in public education |
| Cornell University | Trustee Emeritus; Fundraising roles | Not disclosed | Co-Chair Cornell Engineering fundraising; Advisory Council at Cornell Atkinson Center |
External Roles
| Company | Role | Committees |
|---|---|---|
| Consolidated Edison, Inc. | Director | Chair of Safety, Environmental, Operations & Sustainability; Member: Audit, Finance, Executive |
| Fluor Corporation | Director | Chair of Commercial Strategies & Operational Risk; Member: Executive, Governance; previously Audit |
Board Governance
- Independence and engagement
- Determined independent in January 2025; meets NYSE and Lennar independence standards .
- Lead Director since April 10, 2024; presides over independent director meetings, conveys recommendations to the Board, liaises with management, and can convene executive sessions at any time .
- Board met seven times in fiscal 2024; each director attended at least 75% of Board and applicable committee meetings .
- Committee memberships
- Audit Committee (financial expert); Nominating & Corporate Governance (NCG); Executive Committee .
- Committee meeting cadence in FY2024
- Audit: 11; Compensation: 4; NCG: 4; Executive: 0; Independent Directors Transactions: 0 .
- Insider Trading Policy, hedging/pledging
- Insider trading policy in place; prohibition on director/executive hedging and on pledging shares used to satisfy ownership guidelines .
- Stockholder engagement
- Engaged with holders representing ~75% of non-affiliated outstanding shares in FY2024 .
Fixed Compensation
| Component | Amount | Structure/Notes |
|---|---|---|
| Annual Retainer | $140,000 | 50% cash, 50% Class A common stock |
| Annual Equity Grant | $135,000 | Class A common stock; 50% subject to 2-year holding; granted Apr 10, 2024 at $156.43 per share (863 shares) |
| Audit Committee Member Fee | $25,000 | Cash |
| NCG Committee Member Fee | $10,000 | Cash |
| Lead Director Fee | $75,000 | Cash |
2024 actuals (Armando Olivera):
| Item | FY2024 Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $161,250 | Includes retainer cash and committee/lead fees; Olivera deferred 100% of cash fees |
| Stock Awards | $204,999 | Includes $70,000 (stock portion of retainer) and ~$135,000 annual equity grant; Olivera deferred the stock portion of the retainer |
| All Other Compensation | $46,185 | Dividend-equivalents credited as phantom shares (287 shares) |
| Total | $412,434 | Sum of above |
Deferrals and phantom shares:
| Deferred Item | FY2024 Amount | Phantom Shares Credited |
|---|---|---|
| Deferred Cash Fees | $161,250 | N/A |
| Deferred Stock Awards (retainer) | $70,000 | 1,654 phantom shares |
| Deferred Dividend Equivalents | $46,185 | 287 phantom shares |
| Phantom Shares (balance at 11/30/2024) | N/A | 25,368 phantom Class A shares |
Performance Compensation
- Not applicable. Lennar’s non-management director compensation does not include performance-based metrics; director equity is delivered as annual grants with holding requirements and optional deferral into phantom shares .
Other Directorships & Interlocks
| Type | Detail |
|---|---|
| Current public boards | Consolidated Edison, Inc.; Fluor Corporation |
| Committee leadership at other boards | Chair roles at ConEd (Safety/Environmental/Operations/Sustainability) and Fluor (Commercial Strategies & Operational Risk) |
| Related-party/transaction exposure | No Lennar-related transactions disclosed involving Olivera; Audit Committee approves related person transactions; none reported for directors in FY2024 beyond items noted for other executives . |
Expertise & Qualifications
| Area | Evidence |
|---|---|
| Financial expertise | SEC-defined audit committee financial expert |
| Operations/engineering leadership | Former FPL President & CEO; chairs utility safety and operational committees externally |
| Governance | NCG membership at Lennar; external governance roles at Fluor and ConEd |
| Risk oversight | Audit Committee responsibilities include risk management and cybersecurity oversight; Olivera serves on Audit |
Equity Ownership
| Category | Holdings |
|---|---|
| Class A common stock | 18,329 shares; <1% of Class A |
| Class B common stock | 142 shares; <1% of Class B |
| Phantom Class A shares (deferred) | 25,368 shares (balance at Nov 30, 2024) |
| Pledged shares | None disclosed for Olivera; pledging shown for certain executives only . |
| Ownership guidelines | Directors must hold shares equal to 5× annual retainer within 5 years; all directors compliant or on track . |
| Hedging/pledging policy | No hedging; no pledging of shares used to satisfy guidelines . |
Governance Assessment
- Board effectiveness
- Olivera’s appointment as Lead Director strengthens independent oversight in a dual-class, combined Executive Chairman/Co-CEO structure; his authority to convene executive sessions and liaise with management is robust .
- Audit financial expert designation enhances financial reporting and risk oversight capacity .
- Independence, attendance, engagement
- Affirmed independent; attendance ≥75%; active engagement with stockholders through Board processes .
- Compensation alignment
- Significant equity component (annual grant and stock retainer) with two-year holding requirement; deferral into phantom shares ties compensation to long-term equity value; dividend-equivalents accrue as phantom shares, reinforcing alignment .
- Conflicts and red flags
- No related-party transactions disclosed involving Olivera; no pledging; hedging prohibited; serves on Executive Committee (paired with Executive Chair) which can act on behalf of Board, but committees are majority independent and Independent Directors Transactions Committee exists to manage conflict-sensitive matters .
- Investor sentiment
- 2024 say-on-pay support of ~79% indicates generally adequate alignment of compensation practices, with continued engagement to improve; while focused on executives, it reflects governance responsiveness overseen by independent directors including Olivera .
Overall, Olivera’s profile—utility CEO experience, audit financial expertise, and independent Lead Director role—supports board effectiveness and risk oversight with low conflict exposure. Continued vigilance around Executive Committee actions and dual-class voting dynamics remains prudent, but his committee roles and independence mitigate concerns .