Home builder Lennar Corp recently announced that CEO Stuart Miller is stepping down in order to assume a new role in the company, executive chairman. President Rick Beckwitt was elected as the new CEO.
Miller said in a statement to the South Florida Business Journal, "Rick, Jon [Jaffe] 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 are all energized and committed to continue to enhance and expand this extraordinary company." The Miami Herald reports that chief operating officer Jon Jaffe will take on the role of Lennar president.
According to SEC filings, Miller's total compensation in 2017 was $19.1 million, comprised of a base salary and cash-based and equity incentives. His compensation in 2016 was $19.2 million ... Other changes from Thursday's board vote include the appointment of Lennar treasurer Diane Bessette as chief financial officer. She replaces Bruce Gross, who is leaving to become CEO of Lennar Financial Services.