Tig Gilliam
Director at LEN
Board
About Tig Gilliam
Theron I. “Tig” Gilliam, age 60, has served as an independent director of Lennar Corporation since 2010. He is CEO of NES Fircroft (formerly NES Global Talent) since November 2014 and is designated an Audit Committee financial expert, with deep expertise in supply chain management and human resources from senior roles at Adecco Group, IBM Global Business Services, and PwC Consulting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NES Fircroft (formerly NES Global Talent) | Chief Executive Officer | Nov 2014–present | Leads global talent solutions; operational and HR expertise |
| AEA Investors LP | Managing Director & Operating Partner | Nov 2013–Nov 2014 | Private equity operating leadership |
| Adecco Group SA | Regional Head of North America; Executive Committee member | Mar 2007–Jul 2012 | HR/temp staffing leadership; executive governance |
| IBM Global Business Services | Global Supply Chain Management Leader | 2002–2007 (joined IBM Oct 2002 via PwC acquisition) | Supply chain transformation |
| PricewaterhouseCoopers Consulting | Partner | Pre-Oct 2002 | Strategy/operations consulting; joined IBM upon acquisition |
External Roles
| Organization | Role | Tenure | Interlocks/Notes |
|---|---|---|---|
| GMS, Inc. | Director | Current | Lennar purchases drywall from GMS; Board determined Gilliam’s GMS role does not impair independence |
Board Governance
| Item | Details |
|---|---|
| Independence status | Board affirmed Gilliam is “independent” under NYSE standards; potential relationships reviewed (GMS supplier; AEA-related subsidiaries NES Fircroft and Visual Comfort & Co) and deemed not impairing independence |
| Committees | Audit (financial expert); Compensation; Independent Directors Transactions |
| Committee meeting frequency (FY 2024) | Audit: 11; Compensation: 4; Nominating & Corporate Governance: 4; Executive: 0; Independent Directors Transactions: 0 |
| Attendance | Board met 7 times in FY 2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting |
| Lead Independent Director | Armando Olivera effective April 10, 2024 |
| Compensation Committee interlocks | None; no related-party transactions involving Compensation Committee members in FY 2024 |
| Audit Committee mandate | Financial reporting integrity, risk oversight including cybersecurity; Gilliam designated as audit committee financial expert |
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Fees earned or paid in cash | $110,000 | Consistent with program: Annual retainer $140,000 (50% cash/50% stock); Audit member $25,000; Compensation member $15,000 |
| All other compensation | $76,703 | Comprised of dividend-equivalents credited on deferred phantom shares; FY 2024 dividends deferred $76,073 → 473 phantom shares |
| Director compensation structure | Program overview: Annual retainer $140,000 (50% cash/50% stock); Annual equity grant $135,000 in Class A shares; committee cash fees (Audit chair $30,000; members $25,000; Comp chair $20,000; members $15,000; NCG chair $20,000; members $10,000); Lead Director $75,000 cash |
Performance Compensation
| Component | FY 2024 Amount | Terms |
|---|---|---|
| Stock awards (retainer + annual grant) | $204,999 | Includes: (i) stock portion of annual retainer ($70,000 deferred; 889 phantom shares credited in FY 2024) , and (ii) annual equity grant of 863 Class A shares at $156.43 per share = $135,000 granted April 10, 2024; 50% minimum two-year holding |
Directors receive time-based equity (retainer stock and annual grant); no performance-conditioned director equity metrics are disclosed .
Other Directorships & Interlocks
| Company | Relationship to Lennar | Interlock/Conflict Considerations |
|---|---|---|
| GMS, Inc. | Supplier (drywall) to Lennar | Board viewed Gilliam’s GMS directorship as not impairing independence; Teri P. McClure also serves on GMS board (board-level interlock) |
| AEA Investors LP (past) | NES Fircroft and Visual Comfort & Co are AEA subsidiaries; Lennar purchases lighting from Visual Comfort | Prior AEA role (2013–2014) considered; board determined relationships do not impair independence |
Expertise & Qualifications
- Audit committee financial expert designation; financially literate and qualified to review financial statements .
- Deep experience in supply chain management and human capital from IBM Global Business Services and Adecco Group; current CEO leadership at NES Fircroft .
- Independent director engaged on Audit, Compensation, and Independent Directors Transactions committees, aligning expertise with oversight of risk, pay, and related-party matters .
Equity Ownership
| Item | Detail |
|---|---|
| Deferred compensation status | Terminated deferral for cash portion in Sept 2021 (effective Q2 FY 2022); continues to defer stock portion of Board/Committee fees |
| Phantom shares (aggregate) | 41,171 Class A phantom shares in deferred compensation account as of Nov 30, 2024 |
| FY 2024 phantom shares | 889 credited from deferred stock awards; 473 credited from deferred dividend equivalents |
| Ownership guidelines | Directors must own shares equal to 5× annual director retainer within five years; all directors are compliant or on track |
| Hedging/pledging | Prohibition against director/executive hedging; pledging prohibited for shares used to satisfy ownership guidelines (allowed only above requirements) |
Governance Assessment
-
Strengths:
- Independent status affirmed after explicit review of supplier and PE-affiliated relationships; no material related-party transactions disclosed for Gilliam .
- Audit Committee financial expert and multi-committee service support board effectiveness in financial oversight, compensation governance, and transaction conflicts review .
- Attendance commitments met (≥75% of meetings), with structured executive sessions under a strong Lead Independent Director .
- Director pay mix emphasizes equity with holding requirements; robust stock ownership guidelines and anti-hedging policies align interests with shareholders .
-
Potential concerns / monitoring items:
- Supplier interlock: Gilliam’s GMS directorship alongside Lennar’s purchases from GMS warrants continued monitoring, though independence was affirmed; similar interlock with McClure at GMS .
- Historical AEA ties: NES Fircroft and Visual Comfort & Co as AEA subsidiaries; board determined no impairment, but continued disclosure is advisable if transaction scope evolves .
- Independent Directors Transactions Committee met zero times in FY 2024; while no meeting may reflect limited related-party activity, ensure adequate readiness for reviewing transactions (e.g., with Five Point Holdings, LLC) .
No director-specific legal proceedings, pledging, hedging, loans, or related-party transactions are disclosed for Gilliam in FY 2024 beyond independence review notes .