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MIAMI — Lennar's (LEN) chief executive was promised more than $11 million in compensation in 2007 but forfeited $9.95 million of it because the home builder failed to meet financial goals in the troubled housing market, an Associated Press analysis of company filings showed.
CEO Stuart Miller received $1 million in salary and $130,397 in other compensation that included $96,000 in dividends, $26,547 in car lease payments, a $6,750 matching payment for his 401(k) and $1,100 in life and disability insurance, according to the company's proxy statement filed with the U.S. Securities and Exchange Commission. The proxy was to be handed out Tuesday at the company's annual shareholders meeting. Miller was granted $9.95 million in stock and option awards on Feb. 27, 2007, but forfeited that amount because the home builder fell short of profit goals. The $11.1 million value of Miller's total compensation became $1.1 million without the stock and option awards. Miller received no bonus for 2007 — a bad year for the housing market and Lennar, which posted record losses in the third and fourth quarters. Lennar reported a $1.9 billion loss for 2007. "In fact, this year three of our named executive officers forfeited significant equity grants as a result of the Company's failure to achieve certain financial performance goals, and no cash bonus was paid to our CEO as a result of the company's failure to earn a profit for the fiscal year," the proxy said in a section under shareholder proposals. In 2006, Miller received compensation the company valued at $5.7 million, but his bonus dropped almost $16.8 million from 2005 because earnings fell significantly as the housing market began its two-year swoon. The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation, and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits and sometimes differ from the totals released by the companies. For the year ended Nov. 30, 2007, Lennar's losses amounted to $12.31 a share, compared with profit of $593.9 million, or $3.69 a share, in 2006. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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