Fred Rothman never set out to become one of the most consequential behind-the-scenes forces in modern homebuilding. He started his career as a lawyer. But over the next four decades—and especially in his 18 years at Lennar—Rothman earned a different title: the operator’s operator.

Now, as he steps down from his role as Chief Operating Officer of Lennar Corporation, Rothman leaves behind a sharply defined operational system, a landmark land strategy pivot, and a reputation for shrewdness, reliability, and impact.

In a statement, Stuart Miller, Executive Chairman and Co-CEO, says:

Over the years, Fred has been an essential part of Lennar's evolution and growth and has helped guide our homebuilding operations with exceptional insight and focus," said Mr. Miller. "His efforts have strengthened Lennar across every aspect of our business - from scaling our operations and enhancing efficiency to being instrumental in our shift to a land-light strategy and the successful spin-off of Millrose Properties. We appreciate the many contributions he's made during his tenure at the company."

For those who know how things get done in this business—from deal terms to delivery pipelines to hitting margin thresholds in unpredictable markets—Fred Rothman has long been a north star. A plan means nothing without the ability to unpack its workflows, unify every disparate member of the team, and execute. Rothman's stock in trade in each one of his divisional, regional, and corporate castings, roles, and functions has been high performance.

From the Law to the Land

Rothman’s journey to Lennar leadership didn’t follow a straight line. After earning his law degree from NYU and practicing real estate law in New York, he transitioned into the business side, first at Toll Brothers, then Calton Homes. He led development and acquisition, managed workout portfolios for financial institutions through SCR Financial, co-founded SGS Communities, and ultimately sold his Florida-based builder, Paramount Residential, to Lennar in 2006.

In the years that followed, Rothman rose through Lennar's leadership ranks, eventually becoming Eastern Regional President and later COO in 2018. Across that timeline, he helped steer Lennar through post-Great Recession recovery, pandemic disruption, and a new era of homebuilding scale and complexity.

But his most enduring operational legacy may be one that’s only now taking full shape.

The Millrose Spin-Off: Rothman’s Quiet Masterstroke

When Lennar unveiled plans in 2024 to spin off up to $8 billion of land assets into a new independent, publicly traded entity—now known as Millrose—it marked a historic strategic move for the company.

The spin-off would allow Lennar to push further into its asset-light, land-light model by separating land ownership from vertical homebuilding, while still securing just-in-time finished lots through option purchase agreements.

Stuart Miller, Lennar’s Executive Chairman, made clear on multiple occasions who was quarterbacking that effort.

“Our team, led by Fred Rothman, has been fully dedicated to bringing this project to life,” Miller told Wall Street analysts in June 2024. “We are excited about the opportunity we believe this spin-off will bring us through the innovations that we have developed for the operation of the spun-off entity.”

What’s significant here isn’t just the size or financial mechanics of the spin-off. This shift represents a fundamental rewiring of Lennar’s operating system—a system Rothman helped standardize and scale. It reflects his long-held view: that land, capital, cost, and time need to be orchestrated with precision. That optionality, not ownership, is power.

Operational Discipline, Strategic Patience

During Lennar’s Q2 2025 earnings call, Rothman spoke up in response to a pointed question from analyst John Lovallo about land strategy in today’s market. His reply was brief, precise, and revealing:

“We’re exhibiting quite a bit of patience as we look at deals today, and being very selective as we fine-tune our negotiating skills again and bring back the lessons that we’ve learned over many years at Lennar—to buy land at the right price, and most importantly, on the right terms.”

It’s a hallmark of how Rothman approaches the business: no wasted motion, no shortcuts, no mistaking urgency for speed. He and his team drove the company’s land management system toward an integrated platform that aligns land intake with long-term margin discipline, even when today’s numbers look tight.

That level of precision and reliability earned Rothman a wide circle of long-term collaborators in the industry, particularly among capital partners who work at the critical intersections of land, money, and builders.

One of those partners, Builder Advisor Group founder and CEO Tony Avila, has worked alongside Rothman on numerous ventures. As Avila put it:

“Fred and our BAG team have executed many builder sales together over the past 15 years. We also have invested in a very successful joint venture at Mirada in Tampa and have completed two land acquisitions and development loans totaling over $500 million, resulting in lots to Lennar. Fred is a wonderful partner and dear friend.”

That combination of executional strength and personal integrity—being trusted not just to get a deal done, but to get it done right—is a rare reputation to build over time. Rothman did it quietly, deal by deal.

More Than Margins

But Rothman’s leadership wasn’t confined to the spreadsheet. In recent years, he championed Lennar’s participation in the Helping a Hero initiative, working closely with the organization to build specially adapted homes for wounded post-9/11 veterans.

His efforts earned him the Lee Greenwood Patriot Award, and he’s made clear the meaning behind the work.

“The men and women who risk their lives to protect all of us and our democracy are heroes who deserve our gratitude,” Rothman said. “It’s a privilege to make sure those brave service members who sacrificed on our behalf have new, healthy homes built especially for them so they and their families can thrive.”

This project speaks to something deeper: a belief that homebuilding, at its core, is about more than ROI. It’s about purpose, service, and restoring dignity where it’s needed most.

A Builder at His Core

Those who’ve worked with Fred Rothman might – based on his media-shy, behind-the-scenes operational leadership – describe him as quiet, direct, exacting, and deeply respected. He’s not one to chase headlines. He’s more likely to be reviewing site maps, drilling into the terms of a takedown schedule, or hunting down inconsistencies in cost projections.

In 2019, when Rothman stepped up from Regional President at Lennar, to COO, then CEO Rick Beckwitt noted:

Fred is an outstanding leader, and I am very pleased to have him become our Chief Operating Officer. His management skills are extraordinary, and he has been an integral part of our leadership team since joining Lennar in 2006. Given Fred’s longstanding role in the company and broad understanding of the home building industry, he is perfectly suited to help expand our strategic land acquisition program.”

He understands not only how land positions flow through the Lennar machine but also how people, systems, and capital must work together in harmony and with precision timing. That mindset has helped transform Lennar into not just the largest builder in the country but also a systematized, data-driven operator poised for long-term resilience.

As he steps away from day-to-day leadership, Rothman leaves behind a company more focused, more disciplined, and more aligned with the realities of risk, return, and responsibility than it was when he arrived.

He also leaves behind a blueprint—not just for Lennar, but for every builder trying to strike the right balance between growth and control in today’s unforgiving market.

In a field where operational leaders often work in the background, Fred Rothman built his legacy by shaping the foreground. He did the hard work, made the hard calls, and helped steer one of the industry's most consequential transformations—all while never seeking the spotlight.

Now, he steps out of it on his terms—a builder’s builder, right to the end.