David Collins
Vice President and Controller at LEN
Executive
About David Collins
David Collins is Vice President and Controller (principal accounting officer) of Lennar, serving as Controller since February 2008 and having joined the company in 1998; he previously served as Executive Director of Financial Reporting . He signs Lennar’s 10-Ks in his role as principal accounting officer (2023–2025) . Company context during his recent tenure: FY2024 revenue $35.4B and net income $3.9B, with Class A stock up 36% YoY and 130% since FY2020; diluted EPS was $14.31 and market cap ~$47.1B at FY2024-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lennar Corporation | Executive Director of Financial Reporting | Pre-2008 | Built reporting function prior to appointment as Controller |
External Roles
- No external public company board or outside roles disclosed for David Collins in the proxy/10-Ks reviewed.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 325,000 | 325,000 (unchanged since 2021) |
| All Other Compensation – 401(k) Match ($) | 13,201 | 17,250 |
| All Other Compensation – Term Life Insurance ($) | 596 | 596 |
| All Other Compensation – Long-Term Disability Insurance ($) | 271 | 271 |
| All Other Compensation – Car Allowance/Lease ($) | 0 | 0 |
| All Other Compensation – Personal Aircraft Use ($) | 0 | 0 |
| All Other Compensation – Total ($) | 14,068 | 18,117 |
| Total Compensation ($) | 2,189,539 | 2,243,588 |
Performance Compensation
| Component | Metric | Weighting | Target Structure | Performance Achieved | Payout ($) | Notes |
|---|---|---|---|---|---|---|
| Annual Cash Incentive (Max $900,000) | Leadership Matters: special financial projects | 50% | Good/Very Good/Exceptional → 25%/50%/100% of component | Exceptional | 900,000 | Focused on leadership and execution in finance/transformation |
| Annual Cash Incentive (Max $900,000) | Continuous Improvement/Transformation: special financial projects | 50% | Good/Very Good/Exceptional → 25%/50%/100% of component | Exceptional | Included above | Transformation initiatives |
| Discretionary Bonus | Exceptional leadership on Millrose spin-off | — | Discretionary | Awarded | 50,000 | Additional one-time discretionary cash award |
Lennar did not grant options or PSUs to Collins; his equity grants are service-based restricted stock that vest over three years .
Equity Ownership & Alignment
| Beneficial Ownership (as of Feb 12, 2025) | Class A Shares | % of Class A | Class B Shares | % of Class B |
|---|---|---|---|---|
| David Collins | 47,239 | <1% | 3,537 | <1% |
- Pledging/Hedging: No pledged shares are disclosed for Collins; Lennar prohibits hedging and only permits pledging of shares in excess of ownership guidelines for executives/directors .
- Ownership Guidelines: Executives must meet stock ownership guidelines; as of Jan 31, 2025, all NEOs were above their requirements .
Outstanding Equity and Vesting
| Grant Date | Unvested Shares (Service-Based RS) | Market Value ($, at $174.39) | Vesting Schedule |
|---|---|---|---|
| 02/28/2022 | 3,154 | 550,026 | Service-based (annual tranches) |
| 02/28/2023 | 6,550 | 1,142,255 | Service-based (annual tranches) |
| 01/08/2024 | 6,365 | 1,109,992 | Vests equally on 2/14/2025, 2/14/2026, 2/14/2027 |
| Total | 16,069 | 2,802,273 | — |
2024 Equity Grant Detail
| Grant Date | Type | Shares | Grant-Date Value ($) | Vesting |
|---|---|---|---|---|
| 01/08/2024 | Service-based RS | 6,365 | 950,471 | 2/14/2025, 2/14/2026, 2/14/2027 |
2024 Vested During Year
| Metric | FY 2024 |
|---|---|
| Shares Vesting (#) | 9,843 |
| Value Realized on Vesting ($) | 1,514,542 |
Options
- None of the NEOs, including Collins, have stock options outstanding; Lennar did not grant options/SARs in FY2024 .
Employment Terms
- Contract/Severance: No employment or severance agreements; no severance plan or policy. Change-in-control acceleration requires “double-trigger” (CIC plus qualifying termination) . For Collins, CIC acceleration value at 11/30/2024 was $2,802,273 .
- Clawback: Executive Officer Recovery Policy adopted effective 12/1/2023 under SEC Rule 10D-1/NYSE; recovery of incentive-based compensation after restatement, even absent misconduct, with limited exceptions .
- Non-Solicitation: Each NEO agrees not to solicit Lennar associates for 12 months following termination in connection with annual bonus receipt .
- Hedging/Pledging: Hedging prohibited for executives/directors; pledging only for shares held above ownership guideline requirements .
- Tax Gross-Ups: No excise tax gross-ups, except for required Hart-Scott-Rodino filings related to equity grants and related expenses .
Investment Implications
- Alignment: Collins’ compensation skews toward cash tied to leadership/transformation and multi-year service-based equity, which vests on fixed dates; absence of options reduces incentive to time exercises, and no pledged shares lowers alignment risk .
- Near-term selling pressure: Scheduled RS vesting on 2/14/2025, 2/14/2026, and 2/14/2027, with 16,069 unvested shares as of 11/30/2024. These events can increase tradable supply for Collins personally, though no hedging and guideline retention requirements mitigate forced selling .
- Retention risk: No employment contract but meaningful unvested equity and CIC double-trigger protection support retention; policy-driven clawback and non-solicit enhance governance .
- Execution signal: Discretionary $50,000 award for Millrose spin-off leadership indicates strong internal recognition of Collins’ operational contribution to a major structural transaction, supportive for continuity in finance operations .
Company performance context: FY2024 revenue $35.4B, net income $3.9B, Class A price +36% YoY, diluted EPS $14.31, market cap $47.1B—supportive backdrop for equity value alignment .