- Push-out Score suggests push-out forces
- After 21 years in the position
- Praise for Miller
- Rick Beckwitt taking over
- Miller will remain as Executive Chairman at Lennar
- Miller spoke at length and said 77 words
(exechange) — Miami, Florida, April 12, 2018 — Stuart Miller, chief executive of Lennar, leaves the position. It is an abrupt change. As announced by Lennar Corporation in a news release on Thursday, April 12, 2018, Stuart A. Miller leaves his post as Chief Executive Officer at the home construction company after 21 years in the position, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.5 years, according to data compiled by exechange. Only 11 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Miller’s duties will be taken over by Richard (Rick) Beckwitt, most recently President of Lennar Corporation.
Miller’s move is part of a management shake-up also involving the positions of President; Chief Financial Officer; and Chief Executive Officer of Lennar Financial Services.
No reason given
In the announcement, Lennar did not explicitly explain the obviously compelling reason for Miller’s sudden move, opening the door for speculation.
Miller will remain as Executive Chairman at Lennar
“Stuart Miller will continue his leadership role with Lennar as the newly appointed Executive Chairman. As Executive Chairman, Mr. Miller will continue to be actively involved in all aspects of the Company’s operations and continue to set the strategic direction for Lennar,” Lennar said.
Share price decline
The change follows a decline in the share price of Lennar Corporation since January 2018.
In the position of CEO since 1997
Miller has worked full time with Lennar for more than 35 years and has served as its Chief Executive Officer for 21 years.
Stuart Miller has served as a director of the Company since April 1990 and has served as the Company’s Chief Executive Officer since April 1997.
Miller also served as President of the Company from April 1997 to April 2011.
In addition, Miller serves as a representative of the Company on the Board of Directors of Five Point Holdings, LLC.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Stuart Miller’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 16.2018 ($).