- After about five and a half years in the position
- Praise and thanks for Beckwitt
- Stuart Miller taking over
- Beckwitt said 78 words
(exechange) — Miami, Florida, July 14, 2023 — Rick Beckwitt, co-chief executive of Lennar, leaves his position. As announced by Lennar Corp. in a news release and in a regulatory filing published on Friday, July 14, 2023, Richard (Rick) Beckwitt leaves his post as co-chief executive officer at the homebuilder, after about five and a half years in the role, effective September 1, 2023.
Rick Beckwitt’s duties as co-CEO will be taken over by Stuart Miller, currently Executive Chairman at Lennar Corp.
No reason given
In the announcement, Lennar did not explicitly explain the reason for the move.
Precise information regarding Rick Beckwitt’s future plans was not immediately available.
“Retire”
Lennar said: “[A]fter 17 years with Lennar, Rick Beckwitt has decided to retire as a Co-CEO and Co-President and resign as a member of the Board of Directors of the Company.”
Share price increase since July 2018
The announcement follows an increase in Lennar Corp.’s share price of 149% since July 2018.
In the position of CEO since 2018
Rick Beckwitt became CEO of the Company in 2018.
Beckwitt’s retirement will be effective September 1, 2023.
With this change, Miller will continue as Executive Chairman and will additionally become Co-CEO to lead Lennar in partnership with Jaffe, Co-CEO and President.
Beckwitt has served as the Company’s Co-Chief Executive Officer and Co-President since November 2020, and, prior to that, the Company’s Chief Executive Officer from April 2018 to November 2020.
Before that time, Beckwitt served as the Company’s President from April 2011 to April 2018, and the Company’s Executive Vice President from 2006 to 2011.
78 words by Rick Beckwitt
In the news release announcing his departure as CEO of Lennar Corp., Rick Beckwitt received praise and thanks.
In announcing his departure, Rick Beckwitt said 78 words.
“I am very proud”
Rick Beckwitt stated: “It has been a true honor to work with the many extraordinary professionals at Lennar. Together, we have built a best-in-class homebuilding giant that is a source of pride and a model of excellence in the industry. I am very proud to have been a part of the many successes that have been recorded over the past years and want to wish the Lennar Associates great success in the future as they continue to execute, innovate, and lead.”
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 14, 2022, to July 13, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or personal reasons were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Rick Beckwitt’s move determined
The Push-out Score regarding Rick Beckwitt’s move is explained point by point in the exechange report.
exechange reached out to Lennar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2023 ($).