Lennar Corporation (NYSE: LEN and LEN.B), Miami, on Thursday said its board has elected Rick Beckwitt to succeed longtime CEO Stuart Miller as CEO, with Miller remaining as executive chairman.
The company said Miller will continue to be actively involved in all aspects of company’s operations and continue to set the strategic direction for Lennar. Miller has worked full time with Lennar for more than 35 years and has served as its Chief Executive Officer for 21 years.
Beckwitt also was elected to the Lennar Board of Directors. Beckwitt has worked with Lennar for 12 years and has been the company’s president since 2011. An industry veteran of more than 30 years, Beckwitt was previously on the Board of Directors of D.R. Horton, Inc., and held various executive officer positions including president of the company.
Jon Jaffe has been elected as the new President of Lennar and will continue as the company’s COO. He also was elected to the Lennar Board of Directors. Jaffe has worked with Lennar for more than 30 years and has been the COO since 2004. Jaffe led the Company’s expansion into California in 1995 and is responsible for Lennar’s position there and in the Western United States.
Said Miller, “Rick, Jon and I have operated a unique partnership as leaders of Lennar to drive the day-to-day operations of the company to new heights and to expand new horizons. We have not only driven growth and efficiency in our core operations but have navigated the inception and growth of our multifamily operations as well as guided our other ancillary businesses to maturity. We are all energized and committed to continue to enhance and expand this extraordinary company.”
The Lennar Board of Directors also elected Bruce Gross as the new CEO of Lennar Financial Services (“LFS”). Gross has worked with Lennar for more than 25 years and has served as the company’s CFO since 1997. He also has overseen LFS, which includes Eagle Home Mortgage and North American Title. Starting in the second quarter of 2018, LFS will include the operations of Rialto Mortgage Finance and will target the expansion into a broader range of structured finance solutions for real estate assets.
Diane Bessette has been elected as the new CFO of Lennar and will continue as the company’s Treasurer. She has worked with Lennar for more than 23 years and has served as the company’s Treasurer since 2008 and controller from 1997 to 2008.
Sidney Lapidus, the lead director of Lennar, said, “Lennar has always been recognized for its deep and seasoned management team. Under the leadership of Stuart Miller, the executive team at Lennar has worked hand in hand to navigate the housing collapse and the subsequent recovery. Through their collaborative dedication and hard work, Lennar has become the largest and most profitable home builder in the country. These new management positions reflect the significant contributions that each executive has made and will continue to make to the Company’s success and growth.”
