Stuart Miller stepped down as CEO of Lennar Corp. and will be replaced in that role by Rick Beckwitt, the company announced on Thursday.
Miller is now executive chairman of the Miami-based homebuilding company. He was previously chairman and CEO. Lennar was co-founded by Miller’s father, Leonard Miller, in the 1950s and has grown to become the biggest home builder in the country.
Stuart Miller, who has worked full-time with the company for more than 35 years, was CEO for 21 years. He’ll continue to be involved in Lennar’s operations and set the company’s strategic direction, according to a press release.
Beckwitt, who has been with Lennar for 12 years and has been president since 2011, was also elected to the board of directors, along with Jon Jaffe, Bruce Gross and Diane Bessette.
Jaffee was elected president, and will continue as chief operating officer. Gross, previously chief financial officer, is now CEO of Lennar Financial Services, which will include Rialto Mortgage Finance starting in the second quarter of this year. And Bessette, previously Lennar’s treasurer, was elected FCO.
In February, Lennar closed on the acquisition of CalAtlantic. Lennar said last year that it expected to generate about $250 million a year in savings, including $75 million in this fiscal year. The $9.3 billion deal included about $3.6 billion of debt Lennar assumed.
The company now controls about 250,000 homesites and 1,300 communities in 49 markets across 21 states. — Katherine Kallergis