Serena Wolfe
About Serena Wolfe
Serena Wolfe (age 45) has served as an independent director of Lennar since 2023; she is Chief Financial Officer of Annaly Capital Management and a former EY partner, with deep real estate and financial expertise and cybersecurity experience. She was elected to Lennar’s Board effective September 2, 2023 and designated as independent under NYSE standards; she serves as an Audit Committee financial expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Annaly Capital Management | Chief Financial Officer | Dec 2019–present | Public-company CFO experience (financial and reporting leadership) |
| Ernst & Young (EY) | Partner; Central Region Real Estate, Hospitality & Construction leader | Partner since 2011; leader 2017–2019 | Led real estate practice; public company audit background |
| Lennar (Board) | Director; Audit Committee financial expert | Sep 2023–present | Audit Committee member; cybersecurity oversight; ESG/risk oversight via Audit charter |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Doma Holdings, Inc. | Director; Audit & Risk Committee Chair; Audit Committee financial expert | 2021–Sep 2024 | Chaired audit committee; met NYSE and SEC financial expert requirements |
| Berkshire Grey, Inc. | Director (previous) | Not specified | Prior public company directorship |
Board Governance
- Committee assignments: Audit Committee member; designated audit committee financial expert. Audit responsibilities include oversight of financial reporting, internal controls, risk assessment, cybersecurity, and certain ESG matters. Audit Committee members are independent and financially literate.
- Independence: Board determined in January 2025 that Ms. Wolfe is independent under NYSE standards and Lennar’s Corporate Governance Guidelines.
- Attendance/engagement: Board met seven times in fiscal 2024; each director attended at least 75% of Board and applicable committee meetings; independent directors meet regularly in executive session.
- Committee meeting cadence (FY 2024): Audit 11; Compensation 4; Nominating & Corporate Governance (NCG) 4; Executive 0; Independent Directors Transactions 0.
- Stockholder engagement context: Lennar engaged holders of ~75% of non-affiliated shares in fiscal 2024; “say‑on‑pay” approval was ~79% at the 2024 meeting (context for governance environment).
Fixed Compensation
| Component | Amount ($) | Form |
|---|---|---|
| Annual Equity Grant (at annual meeting) | $135,000 | Shares of Class A common stock (50% may be sold; 50% two-year minimum hold) |
| Annual Retainer | $140,000 | 50% cash; 50% Class A common stock |
| Audit Committee Chair | $30,000 | Cash |
| Audit Committee Member | $25,000 | Cash |
| Compensation Committee Chair | $20,000 | Cash |
| Compensation Committee Member | $15,000 | Cash |
| NCG Committee Chair | $20,000 | Cash |
| NCG Committee Member | $10,000 | Cash |
| Lead Director | $75,000 | Cash |
- Deferred compensation: Directors may elect to defer cash and stock fees into phantom shares with dividend equivalents; settlement in cash at separation/death. (No deferral election is disclosed for Ms. Wolfe in FY 2024.)
Performance Compensation
- Lennar’s non‑management director pay does not include performance-based metrics; equity awards are fixed-value grants (RSU/stock) and retainer/committee cash fees. There are no director options or meeting fees disclosed.
Other Directorships & Interlocks
| Entity | Type | Ms. Wolfe’s Role | Potential Interlock/Exposure |
|---|---|---|---|
| Doma Holdings, Inc. | Public company | Director; Audit Chair | Lennar-affiliated entities held ~25% of Doma post-SPAC (2021) and ~23.8% in 2024; network interlock but no related-person transaction disclosures regarding Ms. Wolfe at Lennar. |
| Berkshire Grey, Inc. | Public company | Director (previous) | No Lennar-linked exposure disclosed. |
Director Compensation (FY 2024 Actual – Ms. Wolfe)
| Item | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | $95,000 |
| Stock Awards (retainer stock + annual grant) | $204,830 |
| All Other Compensation (cash in lieu of fractional shares) | $169 |
| Total | $299,999 |
- Annual equity grant specifics: 863 shares granted on April 10, 2024 at $156.43 per share; grant date fair value $135,000; plus stock portion of retainer ($70,000) included in Stock Awards total.
- No director options granted; Lennar did not grant options/SARs in FY 2024.
Expertise & Qualifications
- CPA in New York and California; over 20 years in accounting with 13 years focused on real estate; public-company CFO; cybersecurity oversight experience; designated audit committee financial expert at Lennar and Doma.
Equity Ownership
| Date (Record) | Class A Shares Beneficially Owned | Class B Shares Beneficially Owned | Percent of Class |
|---|---|---|---|
| Feb 14, 2024 | 914 | 0 | <1% |
| Feb 12, 2025 | 2,192 | 0 | <1% |
- Stock ownership guidelines: Directors must hold shares valued at five times the annual director retainer within five years of election; all directors are in compliance or on track.
- Hedging/pledging: Hedging prohibited for directors; pledging only permitted above ownership guideline levels; Lennar also prohibits pledging of stock used to satisfy guidelines. (No pledged shares disclosed for Ms. Wolfe.)
Governance Assessment
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Strengths: Independent director with deep audit and real estate credentials; Audit Committee financial expert; audit charter explicitly covers risk, cybersecurity, and ESG oversight; robust director ownership guidelines; prohibition on hedging and pledging to meet guidelines; Board-wide attendance thresholds met in FY 2024.
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Compensation alignment: Director pay mix favors equity plus fixed retainer; Ms. Wolfe’s FY 2024 compensation comprised majority stock awards, consistent with alignment principles.
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Conflicts/related party: Lennar’s Audit Committee reviews and must approve related-person transactions; Company disclosed no related-person transactions involving Ms. Wolfe; 2023 appointment 8‑K explicitly notes none under Item 404(a).
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Network/interlocks: Prior Doma board service occurred while Lennar-affiliated entities were significant holders; independence at Lennar affirmed and no specific conflicted transactions disclosed; monitor but risk appears contained by committee oversight.
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Shareholder sentiment context: “Say‑on‑pay” approval ~79% in 2024; independent compensation advisor engaged; broader governance engagement robust—positive signal for Board oversight culture.
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RED FLAGS: None disclosed specific to Ms. Wolfe (no pledging, no related-party transactions, independence affirmed). Continue monitoring interlocks and any future related-person transactions via Audit Committee disclosures.