DEFINITION of Stuart A. Miller
Stuart A. Miller was appointed as the CEO of Miami-based Lennar Corporation (NYSE: LEN), a leading publicly traded American home building company, in 1997. He earned his undergraduate degree at Harvard and law degree from the University of Miami.Miller was born on August 8, 1957, and is the son of Lennar's co-founder, Leonard Miller. He joined the company in 1982, and became CEO in 1997. Forbes named him one of America's Most Powerful People in 2000. According to SEC filings, Miller's total compensation as CEO in 2017 was $19.1 million, comprised of a base salary and cash-based and equity incentives. His compensation in 2016 was $19.2 million. Stuart Miller also serves as a trustee for the University of Miami and sits on the board of Five Point Holdings, LLC, a real estate holding company based in California.
In the Spring of 2018, Miller announces that he would be stepping down from his role as Lennar's CEO after 21 years at the helm. He now serves as the company's chairman of the board.
BREAKING DOWN Stuart A. Miller
Stuart A. Miller was born in 1957 to Lennar co-founder Leonard Miller. He earned his bachelors degree from Harvard in 1979 and a JD from Miami University's Law School in 1982.
Stuart A. Miller guided the home construction company Lennar through the acquisition of numerous home builders, more than doubling the company's size during his tenure as chief executive officer. His management style famously involved the use of Dr. Seuss stories and fairytales to impart business lessons to employees and other stakeholders. Miller helped grow Lennar into one of the largest house builders in the United States. A key to the company's success was its ability to branch out into all aspects of construction services. The company's operations included house construction and sales, land development, mortgage financing, title insurance, closing services, insurance agency services, high-speed Internet access, cable television, and alarm installation and monitoring services. Miller understood that by diversifying Lennar's operations, he could tap into all the needs of house buyers and provide them with a complete service platform.
Miller understood that intelligent and well-researched land acquisitions were essential to the company's success. By closely following the markets across the country, Lennar was able to acquire prime property in depressed markets poised for a comeback. For example, in the late 1990's the San Francisco Bay area housing market crashed. In response Lennar bought property in the area at a reduced price, believing that the market would eventually come back. It did, and Lennar prospered. "We respond to opportunities," Miller said in an interview with Marilyn Alva of Investor's Business Daily . "We recognize that market trends do change"
Lennar Corporation was founded in 1954 and has its headquarters in Miami, Florida. The name "Lennar" is a portmanteau of the first names of two of the founders of the company, Leonard Miller and Arnold Rosen. The company is a member of the Fortune 500 and builds houses across the U.S., operating in 21 states including in California, Florida, Texas, and New Jersey. Lennar also owns financial services companies that provide title, mortgage, and closing services. As of 2017, the company employed over 9,100 people and generated more than $12.6 billion in revenue. In May 2018, Lennar announced that Amazon's Alexa smart speakers will be integrated into all of the 35,000 new homes expected to be built built that year.