Rick Beckwitt has been promoted to president of Lennar Corp., replacing Stuart Miller, who retains the chief executive title. He had been the executive vice president.
Miller commented that Beckwitt's role at the company has expanded to include overseeing the investment opportunities with Rialto, the company's distressed asset investment unit. Beckwitt will also handle overall corporate strategy and interaction with Wall Street.
He added Beckwitt has worked with chief operating officer Jon Jaffe to reposition Lennar by reducing construction costs, re-engineering its product, restructuring the homebuilding divisions to achieve significant overhead savings, dissolving joint ventures, restructuring land positions and investing in new strategic opportunities.
Besides the homebuilding operation, Lennar has a subsidiary, Lennar Financial Services, in the mortgage and title businesses.
