Stuart Miller, who served as CEO of Miami-based Lennar Corp., one of the largest home builders in the U.S., is stepping down from the post after 21 years.
The announcement came after a vote by Lennar's board of directors on Thursday.
Miller, 60, son of Lennar co-founder Leonard Miller, will take on the newly created position of executive chairman and serve in "a leadership role," according to the board.
Rick Beckwitt, a 12-year veteran of Lennar who was serving as the company's president, was elected as the new CEO.
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Lennar chief operating officer Jon Jaffe will expand his role and assume the duty of Lennar president.
"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,” Miller said in a statement to the South Florida Business Journal. “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."
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.
Beckwitt's total compensation was $17 million in 2017 and $17.2 million in 2016.
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.
In October, Lennar acquired the Virginia-based CalAtlantic Group for $9.3 billion. The deal gave Lennar control of 240,000 home sites and 1,300 active communities in 49 markets across 21 states, and put it on track to become the nation's largest homebuilder.
According to Probuilder, Lennar generated revenues of $9.5 billion in 2016, second only to the Dallas-based D.R. Horton, which reported $12.2 billion in revenue over the same period.
On Friday, Lennar shares rose slightly to $56.94, for a market capitalization of $18.3 billion. The stock's 12-month high was $71.82 on Jan. 19.