(Reuters) - U.S. homebuilder Lennar Corp on Thursday said longtime Chief Executive Officer Stuart Miller will become executive chairman and will be replaced by current President Rick Beckwitt.
Beckwitt, 58, who was also elected to Lennar’s board, has been with the No. 2 U.S. homebuilder for the past 12 years and moved to the role of president in 2011.
Miller, 60, who has worked with Lennar for more than 35 years, was appointed CEO more than two decades ago.
He guided the company through the financial crisis and oversaw several deals including the acquisition of CalAtlantic.
Jon Jaffe was elected as the new president and will continue in his role as chief operating officer, Lennar said.
The board also elected Chief Financial Officer Bruce Gross as the new CEO of its unit, Lennar Financial Services.
Gross would be replaced by Treasurer Diane Bessette.
Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila