DOW JONES NEWSWIRES
Lennar Corp. (LEN) promoted Rick Beckwitt to become president of the company, a title that had previously been held by the builder's chief executive.
Beckwitt, who joined the company in 2006, was promoted to president from his role as executive vice president. CEO Stuart Miller had previously also had the role of president.
"We are very excited for Rick to take on these additional responsibilities," Miller said, noting that Beckwitt and COO Jon Jaffe "have been instrumental in guiding our company through the challenges of the most significant homebuilding downturn of our generation."
Miller noted that Beckwitt would be expanding his rose to include overall company strategy, investment opportunities with land-investment business Rialto and interaction with Wall Street.
On Tuesday, Lennar said its fiscal fourth-quarter profit fell 10% following prior-year results that were buoyed by a hefty tax gain, though the company saw soaring margins on a reduction in incentives as well as other costs cuts. Many homebuilders have continued to struggle after the sharp downturn.
Shares climbed 0.7% to $20.60 after hours. As of the close, the stock had risen 27% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; firstname.lastname@example.org;