David Collins
LENNAR CORP /NEW/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 .