Leadership

Homebuilding M&A Maestro Rick Beckwitt To Exit Lennar

In Beckwitt's hands, the ins and outs of negotiation, combination, and integration – particularly with the complexities of land asset valuation, operational practice, technology innovation, and cultural fit evolved into a refined art and mutually-valued science.

Leadership

Homebuilding M&A Maestro Rick Beckwitt To Exit Lennar

In Beckwitt's hands, the ins and outs of negotiation, combination, and integration – particularly with the complexities of land asset valuation, operational practice, technology innovation, and cultural fit evolved into a refined art and mutually-valued science.

July 21st, 2023
Homebuilding M&A Maestro Rick Beckwitt To Exit Lennar
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(Illustration rom left): Lennar's Stuart Miller, Executive Chairman, Rick Beckwitt, Co-CEO and Co-President, and Jon Jaffe, Co-CEO and Co-President. Credit: Maggie Goldstone, TBD

At their best, America's homebuilding enterprises work as a constantly buzzing and growing hive of trusted relationships, where deals, more often than not, work out as win-win.

Rick Beckwitt, who announced plans to step down Sept. 1, as Lennar co-CEO and co-president and rotate off Lennar's board of directors – roles he's had since 2020 – embodies mastery of how to build those relationships and ignite value in them.

Stuart Miller, who will continue as Executive Chairman, will additionally become Co-CEO to lead Lennar in partnership with Jon Jaffe, Co-CEO and President.

From his days as a corporate finance specialist in mergers and acquisitions at Lehman Brothers, to his strategic arc in the early 2000s at a meteorically-growing D.R. Horton, to the last 17 years at Lennar, Beckwitt's blend of financial technical shrewdness and trust-building played out repeatedly in the strategic scale of multiple enterprises.

In Beckwitt's hands, the ins and outs of negotiation, combination, and integration – particularly with the complexities of land asset valuation, operational practice, technology innovation, and cultural fit – the alchemy and blunt tools of homebuilding M&A evolved into a refined art and mutually-valued science.

Amidst all of the big homebuilding, development, and land combinations of the past 20 years or so, Rick Beckwitt was regarded by colleagues, experts, and analysts as the "one to know" best as to what was going on and why.

Rick has been a tremendous positive influence on so many in our industry," says Tony Avila, CEO of Builder Advisor Group. "He has helped make Lennar a formidable competitor in homebuilding while creating a multifamily and technology business, too. I hope to have the opportunity to work with Rick again in the future."

Lennar's late-teens public-to-public acquisitions of WCI Communities and CalAtlantic reflected homebuilding M&A at its peak in discipline, technical skills, and win-win deal-making, carrying a strong Beckwitt imprint in the Lennar strategic architecture Stuart Miller envisioned.

In a prepared statement, Miller says:

It has been an honor to work with Rick, who is widely regarded as one of the most talented professionals in our industry," said Stuart Miller, Executive Chairman of Lennar. "Our partnership spans decades, and I am appreciative of his contributions in helping our land, homebuilding and multifamily operations rise to new levels. With the help of Rick's partnership over these past 17 years, we are very well positioned for continued growth, improved productivity, and innovation in the future."

According to Lennar's press statement:

Mr. Beckwitt joined Lennar in March 2006 as Executive Vice President. He was a member of the executive team and worked diligently to weather the collapse of the housing and finance industries during the Great Recession of 2008. Through teamwork and dedication, Lennar was able to stabilize and fortify its foundation, setting the stage for growth and productivity. By April 2018, Mr. Beckwitt became Chief Executive Officer of Lennar and in 2020, he was joined by Jon Jaffe as Co-CEO and Co-President.
During his time with Lennar, the landscape of the industry has changed significantly, and Mr. Beckwitt worked closely with leaders across the organization to grow the business, to improve productivity, and to innovate. The impact of his leadership will continue to be reflected in the years to come, as Lennar evolves, grows, and continues a tradition of outstanding performance. The Company is thankful for Mr. Beckwitt's hard work and dedication over the years and his thoughtful approach to its business.
Mr. Beckwitt said, "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."

In his past career, Beckwitt held the position of President & Director at D.R. Horton, Inc. and General Partner for Encore Venture Partners (a subsidiary of D.R. Horton, Inc.), President for Watermark Realty, Inc. (Florida), Principal at Lehman Brothers, Inc. and Owner & Principal at EVP Capital Management AG.

ABOUT THE AUTHOR

John McManus

John McManus

President and Founder

John McManus, founder and president of The Builder’s Daily, is an award-winning editorial, programming, and digital content strategist. TBD's purpose is a community capable of constant improvement.

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ABOUT THE AUTHOR

John McManus

John McManus

President and Founder

John McManus, founder and president of The Builder’s Daily, is an award-winning editorial, programming, and digital content strategist. TBD's purpose is a community capable of constant improvement.

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