Stuart A. Miller Definition

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Who is Stuart A. Miller?

Stuart A. Miller is the executive chair of Lennar Corporation (LEN) and a member of its board of directors. Miller has worked for the Miami-based home builder for more than 35 years. Between 1991 and 1997, he was president of the company’s homebuilding and commercial properties divisions. He became chief executive officer in 1997, serving in the role until 2018, when he became executive chair. Miller is a graduate of Harvard University and the University of Miami Law School.

Key Takeaways

  • Stuart A. Miller was born in 1957, son of Lennar co-founder Leonard Miller.
  • He guided the home construction company, Lennar, through the acquisition of numerous home builders, more than doubling the company’s size while being CEO.
  • His management style famously involved the use of Dr. Seuss stories and fairy tales to impart business lessons to employees and other stakeholders.

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.

According to SEC filings, Miller’s total compensation as CEO in 2018 was $20.1 million, comprised of a base salary and cash-based and equity incentives. His compensation in 2017 was $19.1 million. Stuart Miller also serves as a trustee for the University of Miami and sits on the board of Five Point Holdings, a real estate holding company based in California.

In 2018, Miller announced he would step down as Lennar’s CEO after 21 years at the helm. He now serves as the company’s chair of the board.

Understanding Stuart A. Miller

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 fairy tales to impart business lessons to employees and other stakeholders.

Miller helped grow Lennar into one of the largest home 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 1990s 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 20 states including in California, Florida, Texas, and New Jersey. Lennar also owns financial services companies that provide title, mortgage, and closing services.

As of 2020, the company employed 9,495 people and generated more than $22.48 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.

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