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Lennar’s Chief Executive Received 23% Increase in Pay Last Year

Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, paid Chief Executive Officer Stuart Miller $11.9 million last year, a 23 percent increase from 2010, according to a regulatory filing.

Miller’s pay consisted of $1 million in salary, $9.2 million in stock awards, $1.55 million cash bonus and $100,000 in dividends, the Miami-based company said today in the filing.

Lennar reported net income of $92.2 million, or 49 cents a share, for the 12 months ended Nov. 30, a second consecutive year of profits at a time U.S. builders struggled to make money while new-home sales fell to record lows. The company was co- founded by Miller’s father, Leonard, in 1956.

A revised compensation plan for Miller and other Lennar executives, to take effect this year and replace one in place since 2007, is subject to shareholder approval at an April 11 annual meeting.

The statement was released after the close of regular U.S. trading. Lennar fell 1.8 percent to $22.95 today in New York. The shares have climbed 17 percent this year, compared with a 16 percent gain for the 11-member Standard & Poor’s 1500 Homebuilding Index. (S15HOME) The only larger U.S. homebuilders by revenue are PulteGroup Inc. and D.R. Horton Inc.

To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

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