Stuart Miller was elected Lennar's new executive chairman.

MIAMI—Longtime Lennar Corp. CEO Stuart Miller is stepping down from the post he has held for more than two decades and will be replaced by Rick Beckwitt, who has served as president of the national homebuilding concern for the past seven years.

Miller, who is the son of Lennar founder Leonard Miller, is staying on with the Miami-based homebuilding firm as the newly appointed executive chairman and will therefore continue to serve an active role in both the company's operations and its strategic direction. The 60-year-old executive has worked for the company full-time for more than 35 years. Lennar began operations in 1954.

The executive leadership changes were announced after a Board of Directors meeting on Thursday.

Beckwitt was also elected to the Lennar Board of Directors. Beckwitt has worked with Lennar for 12 years and has been the company's president since 2011. Beckwitt has been involved in the homebuilding and construction industry for more than 30 years. Prior to joining Lennar, he served on the board of directors of D.R. Horton, Inc., and held various executive officer positions including president of the company.

In other executive chair shifts, Jon Jaffe was elected the company's new president, replacing Beckwitt. Jaffe will also continue as the company's COO and was elected to the Lennar Board of Directors. Jaffe has worked with Lennar for more than 30 years and has served as its COO since 2004. Jaffe led the company's expansion into California in 1995.

“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 states. “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.”

Lennar also announced that Bruce Gross was tabbed by the Board of Directors as the new CEO of Lennar Financial Services and Dina Bessette was elected as the new CFO of Lennar and will continue as the company's treasurer.

Gross has worked with Lennar for more than 25 years and has served as its CFO since 1997. He also has overseen LFS, which includes Eagle Home Mortgage and North American Title. Bessette has worked with Lennar for more than 23 years and has served as the company's treasurer since 2008 and as its controller from 1997 to 2008.

Earlier this year, Lennar closed on its merger deal with CalAtlantic Group in a deal valued at $9.3 billion, including the assumption of $3.6 billion in debt. The deal created the largest homebuilding concern in the nation based on revenue.

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Miller Steps Down After 21 Years as Lennar Corp. CEO

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