Katherine Lee Martin, a general counsel and corporate secretary at Hertz Corp, is joining the homebuilder as chief legal officer next month.
Homebuilder Lennar Corp (LEN) on Monday named a new legal head and said it would not fill the position of chief operating officer (COO) after the executive currently in the role retires.
Katherine Lee Martin, a general counsel and corporate secretary at The Hertz Corp (HETZ), is joining Lennar as chief legal officer next month. The company’s current legal counsel, Mark Sustana, is retiring.
COO Fred Rothman is also retiring next month, after having served at the company for nearly 20 years. Lennar does not plan to replace Rothman, according to a compant statement.
The executive changes come as the housing market begins to rebound after a challenging stretch, marked by cautious buyers holding back amid high inflation and ongoing economic uncertainty.
In their recent quarterly reports, all three major U.S. homebuilders — D.R. Horton (DHI), Lennar, and PulteGroup (PHM) — reported revenue above market expectations, driven by buyer incentives and promotions. D.R. Horton is the largest, followed by Lennar.
However, those same incentives are also squeezing profits, a trend that analysts are taking note of.
On Stocktwits, the retail sentiment for Lennar shifted to ‘neutral’ as of early Tuesday, from ‘bearish’ the previous day. LEN stock has traded within a range-bound pattern in the last few months and is down nearly 12% year-to-date.
The stock edged up slightly in Monday’s after-hours trading; meanwhile, a Stocktwits user shared a chart suggesting a potential breakout.
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