Homebuilder Lennar Corp. promoted Rick Beckwitt to president from executive vice president. Stuart Miller will remain chief executive officer of the company.

"I am very pleased to have Rick become President of our company as he, along with Jon Jaffe, our chief operating officer, have been instrumental in guiding our company through the challenges of the most significant homebuilding downturn of our generation," Miller said.  

He added that since joining Lennar in 2006, Beckwitt has worked jointly with Jon to reduce construction costs, re-engineer the firm's product, dissolve joint ventures, invest in new strategic opportunities as well as restructure Lennar's homebuilding divisions and land positions.

"Rick has expanded his role in the corporate function to include, among other things, overall company strategy, investment opportunities with Rialto and interaction with Wall Street," Miller added.

Lennar builds affordable, move-up and retirement homes  ostly under the Lennar brand name. Its financial services unit offers mostly mortgage financing, title insurance and closing services for both buyers of the firm's homes and others. Lennar's Rialto Investments subsidiary is focused on distressed real estate asset investments, asset management and workout strategies.

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