Lennar has undergone a major shake-up at the management level as longtime CEO Stuart Miller has stepped down as CEO, to be replaced by Rick Beckwitt, and will resume his role with the company as Executive Chairman. Lennar, a publicly traded company as LEN (NYSE), is the United State's largest home builder and is headquartered in Miami. The announcement was made Thursday April 12, 2018. In his new role as Executive Chairman Miller will continue to be involved in the company's strategic direction and operations.
Other shake-ups include Jon Jaffe, current Chief Operating Officer, has been elected to be Lennar's new President and will continue to serve his role as COO. Chief Financial Officer Bruce Gross will assume a new role as CEO of Lennar Financial Services, and Treasurer Diane Bessette will transition to the role of CFO.
Lennar was co-founded by Miller's father, Leonard, in the 1950's. Miller, 60, has worked for Lennar for over 35 years and served as CEO for over 21 years.
Incoming CEO Rick Beckwitt has worked for Lennar for over 12 years and became President in 2011. He helped guide the company through the financial crisis which wiped out many in the real estate sector and has overseen major deals including the acquisition of CalAtlantic.
Lennar currently has over 250,000 homesites and 1,300 communities and is spread across 21 states and 49 different markets. In February 2018 Lennar acquired CalAtlantic in a $9.3 billion deal.